MEP Infra bags orders worth Rs. 2,922.83 crore

Infrastructure major MEP Infrastructure Developers announced on Wednesday that it has bagged orders worth Rs. 2,922.83 crore in Maharashtra through a joint venture with Long Jian Road & Bridge Company.

The joint venture surfaced as a preferred bidder for 3 hybrid annuity model road construction projects of NHAI including four laning of Ausa-Chakur, Chakur-Loha and Loha-Waranga with an aggregate bid of Rs. 2,922.83 crore. The projects are likely to be completed in the next two years, while the concession period for these projects will be 15 years.

Recently, the company also raised a sum of Rs. 161.79 crore through qualified institutional placement. The company will be using these funds to incur long term capital needs and the completion of on-going and future products.

The stock has surged by over 44 per cent in the last one-year. However, it has gone down by 11.56 per cent in over a months time. On Wednesday, the stock predominantly remained in the negative territory.

During Wednesday’s trade, the company hit an intraday high of Rs. 78.45 per share and an intraday low of Rs. 75.30 per share on BSE. The stock closed at Rs. 76.50 per share, lower by 1.03 per cent on BSE on Wednesday.