IRB Infra gains 5% as arm achieves financial closure

IRB Tumkur Chitradurga Tollway Pvt Ltd - wholly-owned subsidiary of IRB Infrastructure Developers - has achieved financial closure in terms of the concession agreement executed with NHAI, by tying up of debt of Rs 831 crore.

The total cost of this project is Rs 1142 crore, out of which equity contribution by the company will be approximately Rs 311 crore, according to notice available with exchanges. With this, the Company has achieved financial closure for all the projects awarded to it by NHAI and there is no project pending financial closure.

The stock has touched an intraday high of Rs 193.90 and an intraday low of Rs 184. At 12:09 hours the share was trading at Rs 192.60, up Rs 8.80, or 4.79%.
 
It was trading with volumes of 1,964,939 shares, compared to its 5-day average of 1,428,996 shares, an increase of 37.50%.
 
In the previous trading session, the share closed up 1.24% or Rs 2.25 at Rs 183.80. Market capitalisation stands at Rs 6,401.33 crore.