Co was is news after it received the sanction letter on premium deferment from the National Highways Authority (NHAI) for the Belgaum- Dharwad Tollway SPV.
Ashok Buildcon has been in the limelight with the stock rallying over 100 percent this year. The company was is news after it received the sanction letter on premium deferment from the National Highways Authority (NHAI) for the Belgaum-Dharwad Tollway SPV.
In an interview to CNBC-TV18, Paresh Mehta, CFO, Ashoka Buildcon , said the sanction will help company to defer almost Rs 140 crore of premium in the next four years. "Overall they have given us Rs 261 crore to be deferred. So this will give a substantial relief to the SPV from a cashflow funding profile," he said.
Apart from Belgaum-Dharwad, there are 2 other projects -- Dhankuni-Kharagpur and Sambalpur-- which the company will be applying for premium rescheduling. The company expects to receive final sanctions of these projects by FY15-end.
NHAI had approved the Belgaum-Dharwad project in the original list of 9 projects which were eligible for premium rescheduling. The 454-km lane project is valued at Rs 700 crore. The original premium terms were at Rs 31 crore with the premium to be paid to NHAI with 5 percent increase every year.
Ashoka Buildcon stock price
On September 29, 2014, at 14:13 hrs Ashoka Buildcon was quoting at Rs 134.35, up Rs 3.55, or 2.71 percent. The 52-week high of the share was Rs 158.85 and the 52-week low was Rs 42.15.
The company's trailing 12-month (TTM) EPS was at Rs 6.46 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 20.8. The latest book value of the company is Rs 58.91 per share. At current value, the price-to-book value of the company is 2.28.
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