Moneycontrol
Aug 11, 2017 01:55 PM IST | Source: Moneycontrol.com

MEP Infrastructure gains 9% on LoA from NHAI

The company has received user fee collection rights at Paduna fee plaza for the period of 3 months.

 
 
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Shares of MEP Infrastructure Developers gained 9 percent intraday Friday as it has received letter of acceptance (LoA) from NHAI.

The company has received the Letter of Acceptance (LOA) from National Highways Authority of India (NHAI) as the company has been appointed as the contractor for the project of collection of user fee through user fee collecting agency at Paduna fee plaza at NH-8 in the state of Rajasthan.

The company has received user fee collection rights at Paduna fee plaza for the period of 3 months.

The operations will commence on August 17, 2017 after complying the statutory formalities viz. submission of performance security, signing of contract as per the LOA.

The company has to remit on a daily basis Rs 29,70,000 to NHAI for a period of 3 months towards user fee collection for the said project.

A meeting of board of directors of the company will be held on August 14 to consider, approve and take on record the un-audited standalone and consolidated financial results for the first quarter ended June 30, 2017 of the FY 2017-18.

MEP

At 13:48 hrs MEP Infrastructure Developers was quoting at Rs 106.20, up Rs 4.20, or 4.12 percent on the BSE.

Posted by Rakesh Patil
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