PNC Infratech surges on achieving financial closure

PNC Infratech’s wholly-owned subsidiary PNC Challakere (Karnataka) Highways Private Limited, has achieved financial closure by submitting duly executed financing documents to NHAI for the Hybrid Annuity Model (HAM) project.

The project is for four laning from km 358.5 to km 414.20, Challakere to Hariyur section of NH-150 A, on HAM basis under Bharatmala Pariyojna in the State of Karnataka, said the company’s filing to exchanges.

The cost for this project is around Rs. 1,157 crore with the concession period (including construction period) of 17 years.

The company further stated that it is within the timeframe for achieving the Financial Closure as specified in the Concession Agreement for this project. The company has submitted duly executed financing documents to NHAI with regard to the Financial Closure for all the 7 Hybrid Annuity Model (HAM) projects secured by it so far.

With response to this development, the stock of PNC Infratech surged as much as 5 per cent to touch day high of Rs. 134.8 apiece. At 12:12 hours, the stock was trading at Rs. 131 apiece, up by almost 2.2 per cent on Wednesday.