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Ramky Infra achieves financial closure for Hospet road project

The estimated project cost is Rs 1,102.81 crore

Itishree Samal  |  Hyderabad 

Hyderabad-based Limited (Ramky Infra), an integrated infrastructure construction and development management company, has achieved financial closure for its Hospet Chitradurga road project in Karnataka through the debt syndication of Rs 830 crore.

An agreement to this effect has been signed between the (HCTL), a special purpose vehicle (SPV) formed to undertake the project, and with a consortium of bankers led by Axis Bank Limited, the company said in  a press release today.

The other participating lenders are IDBI Bank, Bank of India, India Infrastructure Finance Company Limited, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, Central Bank of India and Oriental Bank of Commerce on November 09.

Ramky Infra was awarded the project by National Highways Authority of India (NHAI) to undertake four laning of Hospet - Chitradurga section of NH-13 in Karnataka under the National Highways Development Project (NHDP) phase-III on design,build, operate and transfer basis with a concession period of 25 years including 910-days of construction period.

The estimated project cost is Rs 1,102.81 crore, according to the release.

Ramky Infra's scrip is currently trading at Rs 101.10 on Bombay Stock Exchange, up 0.05 per cent over the previous close of Rs 101.05.

First Published: Thu, November 15 2012. 13:16 IST