Ashoka Mallasandra Karadi Road Pvt Ltd's project receives Provisional Certificate

Ashoka Buildcon Limited ("the Company") has announced the declaration of October 18, 2023 as the Commercial Operations Date (CoD) for stretch of 7.55 KMs vide letter issued by Independent Engineer on November 21, 2023, in addition to stretch of 34.730 KMs already received w.e.f. October 26, 2021 (First CoD) vide NHAI letter dated November 10, 2022, for its Hybrid Annuity Mode (HAM) Project of National Highways Authority of India ("NHAI") for the Project viz. "Construction of Four Laning of Tumkur - Shivamogga section from 12+310 (Design km 12+300) to km 66+540 (Design km 65+195) from Mallasandra to Karadi Village of NH-206 on Hybrid Annuity Mode, under NHDP phase-IV in the state of Karnataka (Package I)" ("Project").

The Project is executed by Ashoka Mallasandra Karadi Road Private Limited (SPV), a Wholly Owned Subsidiary of Ashoka Concessions Limited, a Subsidiary of the Company.

The Company also announces that the said SPV has received a Provisional Certificate for completion of 42.280 KMs in aggregate, out of total Project stretch of 50.645 KMs.

Further to inform that consequent upon the declaration of CoD, the SPV is already eligible for receipt of Annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from the date of achievement of First CoD.

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 142.00 as compared to the previous close of Rs. 143.90. The total number of shares traded during the day was 90856 in over 1913 trades.

The stock hit an intraday high of Rs. 145.50 and intraday low of 141.00. The net turnover during the day was Rs. 12978618.00.

Source : Equity Bulls

Keywords

AshokaBuildcon INE442H01029 CoD AshokaMallasandraKaradiRoad