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Man Infraconstruction gains 5% on winning arbitration award of Rs 337.88cr

As per arbitral award, interest at 15 percent p.a. for the period from date of aforesaid Arbitral Award till the date of actual payment shall be payable by PWD.

August 21, 2018 / 09:35 AM IST
 
 
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Shares of Man Infraconstruction gained 5 percent in the early trade on Tuesday as company's subsidiary won an arbitration award of Rs 337.88 crore.

The Hon`ble Arbitrator, in relation to Arbitration Proceedings between Manaj Tollway Private (MTPL), a subsidiary of the company and Public Works Department (PWD), Pune, has directed PWD to pay a sum of Rs 337.88 crore to Manaj Tollway.

As per arbitral award, interest at 15 percent p.a. for the period from date of aforesaid Arbitral Award till the date of actual payment shall be payable by PWD.

MTPL had given termination notice and invoked arbitration against PWD, Pune in relation to the project of four laning to Hadapsar- Saswad- Belsarphata & Belha- Pabal- Uralikanchan- Jejuri- Nira district Pune on DBFOT basis.

At 09:22 hrs Man Infraconstruction was quoting at Rs 48.60, up Rs 1.10, or 2.32 percent on the BSE.

Posted by Rakesh Patil
Moneycontrol News
first published: Aug 21, 2018 09:35 am