IRB Infrastructure selected as preferred bidder for 6-lane highway project in Gujarat

Highways infrastructure developer IRB Infrastructure Developers has been selected as the preferred bidder for the Rs 2,132 crore build-operate-transfer (BOT) project in Gujarat, the company said in an exchange filing on Tuesday.

The project with a concession period of 20 years is 6 laning of the 90.90 kms stretch between Samakhiyali to Santalpur.

Virendra D Mhaiskar, chairman and MD, IRB Infra, said that this would be the sixth project that the company will be executing in Gujarat. "The present project will be an important addition to IRB portfolio as this project caters to heavy commercial traffic connecting the Kandla and Mundra port and is brownfield part of the prestigious Amritsar Jamnagar expressway," he said in a statement.

Upon award of this project, the company’s order book will stand revised to approx. Rs 20,892 crores (excluding GST), of which, the construction order book will be at Rs 9,714 crores.

Meanwhile, shares of IRB Infra surges more than 4 per cent to close at Rs 296.95 apiece on NSE. The company has announced to split its equity shares bearing a face value of Rs 10 each.

The Mumbai-based company has declared that 1 equity share having a face value of Rs 10 each will be split into 10 shares of Re 1 each. The stock will trade ex-split on February 22 which also happens to be the record date for the purpose of determining the eligibility of shareholders for the proposed split.

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