Proposed by Rangarajan Committee, the decision allows the already cash strapped highway developers to defer premium payment to NHAI if they don't have enough funds after servicing their debt and other obligations.
Shares of highway developers are buzzing on Thursday as 32 road projects are set to benefit from finance ministry's decision to defer payments to National Highway Authority of India (NHAI). Stocks like IRB Infra and Ashoka Buildcon are up 3 and 6 percent intraday respectively.
Proposed by Rangarajan Committee, the decision allows the already cash strapped highway developers to defer premium payment to NHAI if they don't have enough funds after servicing their debt and other obligations.
Once toll collections pick up, the developer will have to pay the premium along with interest equal to bank rate plus an additional 2 percent on premium amount deferred.
Out of the 32 projects, 22 are awarded for 4-laning and 10 are awarded for 6-laning. According to NHAI, these projects are currently under construction or have already achieved completion.
Satish Parakh of Ashoka Buildcon says its three projects (Dhankuni-Kharagpur, Belgaum-Dharwad and Sambalpur) will be applying for premium rescheduling. "The overall debts in these projects are around Rs 3,000 crore. So, if we get a benefit of around 100-150 bps, this will definitely release our cash flows," he said in an interview to CNBC-TV18.
At 11:52 hrs IRB Infrastructure Developers was quoting at Rs 97.25, up Rs 2.05, or 2.15 percent and Ashoka Buildcon was quoting at Rs 71.25, up Rs 3.80, or 5.63 percent on the BSE.
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