IRB Infra up 3% on receiving finance for Kundapur project

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26 Aug, 2025 12:21

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Moneycontrol Bureau

Investors are buying shares of IRB Infrastructure Developers as the company's wholly-owned subsidiary IRB Westcoast Tollway has tied up with banks to finance its Rs 1,406 crore Kundapur project. The stock gained 3 percent in intraday trade.

IRB Westcoast Tollway is a SPV for Goa/Karnataka Border to Kundapur Project.

The total cost of this project is Rs 2,639 crore, out of which viability gap funding from NHAI of Rs 536 crore, equity contribution by the company will be approximately Rs 697 crore and remaining will be funded through project finance of Rs 1,406 crore, the company said in its filing to the exchange.

A consortium of lenders comprising of IDBI Bank, Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank and Union Bank of India have financed this project.

Meanwhile, IRB also received an official communication from the National Highways Authority of India (NHAI) through a letter of award dated December 24, 2013.

"NHAI has accepted price bid and has declared the company as the selected bidder for the project of four laning of Solapur to Yedeshi section of  NH-211 from km 0.000 to km 100.000 in the state of Maharashtra under NHDP phase IV on design, build, finance, operate and transfer (DBFOT) (toll) basis," IRB said.

The estimated project cost is approximately Rs 1,500 crore with construction period of 910 days. The concession period for the same is 29 years. IRB has sought Rs 189 crore as viability gap funding from NHAI for this project, according to a release.

At 11:55 hours IST, the stock climbed 2 percent to Rs 94.70 on the BSE.