Moneycontrol
Last Updated : Mar 28, 2018 02:46 PM IST | Source: CNBC-TV18

To use QIP funds for biz growth; hike toll rate of Bandra-Worli sea link: MEP Infra

The current toll rate on the sea-link of Rs 60 for a car would go up by Rs 10 to Rs 70, said Jayant Mhaiskar, CMD, MEP Infrastructure.

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MEP Infra has raised Rs 161 crores through their qualified institutional placement (QIP). The company was looking to raise around Rs 200 crore.

The company is also in focus as the toll for the Bandra-Worli Sea Link is all set to rise from April 1.

“The capital raised through the QIP will be used for the growth of business including investment and supporting operational activity for existing and future projects of the group,” said Jayant Mhaiskar, Chairman & MD, MEP Infrastructure in an interview to CNBC-TV18.

The company has successfully closed the QIP at an issue price of Rs 77.5 per share, he added. The promoter holding post the issue would come down to 61.2 percent, said Mhaiskar.

They have recently bagged three hybrid-annuity projects in the state of Maharashtra taking the total orderbook to Rs 2922 crore.

With regards to hike in toll of Bandra-Worli sealink he said it undergoes tariff hike every three years and the hike would be around 15-16 percent. “The current toll rate on the sea-link of Rs 60 for a car would go up by Rs 10 to Rs 70. This tariff will be applicable for the next three years, starting from April 1,” said Mhaiskar.

The total consolidated debt on the books currently is of Rs 3000 crore, he said.

The company has total 9 hybrid-annuity projects of a total value of Rs 6900 crore, said Mhaiskar.

For 6 of the projects financial closure was achieved and construction has started and for the rest of the 3, the financial closures are expected in Q3 of FY19 and post that construction would start, he said.
First Published on Mar 28, 2018 02:31 pm
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