Ramky Infra gains on funds tie-up for UP road project

Ramky Infrastructure has moved higher by over 3% at Rs 100 after the company said it achieves financial tie-up for its Agra Etawah Road project in state of Uttar Pradesh.

“The financial tie-up for the debt syndication of Rs 1,225 crore to execute the Agra Etawah Road project in state of Uttar Pradesh has been achieved,” Ramky Infra said in a statement.

An agreement to this effect was signed between Agra Etawah Tollways (AETL), a SPV formed to undertake the project and consortium of bankers, led by Oriental Bank of Commerce, and others on December 29, 2012, it added.

The stock opened at Rs 97 and hit a high of Rs 101 on the NSE. A combined around 161,533 shares have changed hands on the counter till early noon deals against an average sub 100,000 shares that were traded daily in past two weeks.