KNR Constructions Ltd has achieved financial closure for a National Highway tollway project to be executed by the company in Kerala.
The Rs 900.51-crore project awarded by the National Highways Authority of India is being executed through its subsidiary KNR Walayar Tollways Private Ltd.
The company has signed financing documents with a clutch of banks, including Central Bank of India, Bank of India, Corporation Bank, Canara Bank and Vijaya Bank for the debt component.
Of the Rs 900.51 crore required for the project, equity will account for Rs 135.91 crore, grants Rs 244.60 crore and debt component Rs 500 crore.
The project entails four-laning of a 53.89-km road stretch in the Walayar-Vedakkancherry Section of the NH-47 from 182 km to 240 km in Kerala. This National Highway Development Phase II project is being implemented under the design, build, finance, operate and transfer mode.
It has a concession period of 20 years, including a construction phase of 910 days.
The company shares were trading at Rs 87.85, up 3.54 per cent at BSE during the day.