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Ramky Infra extends gains on funding for UP road project

The company said that it has achieved financial closure for its Agra Etawah Road Tollway Project to be developed in Uttar Pradesh.

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Ramky Infrastructure has soared 17% to Rs 130, extending its past three-day’s rally after the company said that it has achieved financial closure for its Road Tollway Project to be developed in Uttar Pradesh.

The stock opened at Rs 112 and has seen over ten–fold jump in trading volumes. A combined 2.21 million shares have changed hands on the counter so far on both the exchanges till 1313 hours. In past four trading sessions, the stock has surged 32% on the Bombay Stock Exchange, compared to 1.4% gain in benchmark Sensex.

“A consortium of bankers lead by Oriental Bank of Commerce and other participants including Union Bank of India, India Infrastructure Finance Company Ltd, Central Bank of India, State Bank of Patiala and Axis Bank have agreed to meet the debt syndication of Rs 1,225 crore to execute the project,” Ramky Infrastructure said in a statement.

The project has a concession period of 30 years including construction phase of 910 days. The company currently has an order book of around Rs 13,000 crore.

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