KNR Constructions up 3% on sanction letters from banks for 3 projects

The shares of KNR Constructions gained 3 percent in intraday Monday following the receipt of sanction letters from banks to finance their projects.

Three wholly owned subsidiary companies have received sanction letters from banks to finance their hybrid annuity mode (HAM) projects.

The three special purpose vehicles of the company including - KNR Tirumala Infra, KNR Chidambaram Infra and KNR Srirangam Infra have total bid cost of Rs 32,327.1 crore having construction period of 2 to 2.5 years.

With the receipt of above sanction letters, the company is well within the time line as specified in the concession agreement for financial closure of the above projects.

The company is in advance stage to get the sanction for remaining HAM project.

It has touched an intraday high of Rs 233.95 and an intraday low of Rs 227.05.

At 14:37 hrs KNR Constructions was quoting at Rs 230.00, up Rs 2.50, or 1.10 percent on the BSE.