Sadbhav Infrastructure tumbles by 5.63 per cent

Geyatee Deshpande
/ Categories: Trending, DSIJ News
Sadbhav Infrastructure tumbles by 5.63 per cent

Credit rating agency has downgraded the rating of Rohtak-Hissar Tollway Private Limited which is a wholly-owned subsidiary of Sadbhav Infrastructure. The rating was downgraded to CARE D from CARE BB+. Reacting to this development, the company’s stock fell by 5.63 per cent.

Rohtak-Hissar Tollway Private Limited (RHTPL) is a wholly-owned subsidiary of Sadbhav Infrastructure Project Limited (SIPL). It is a Special Purpose Vehicle/Entity(SPV) and has received provisional completion certificate on July 29, 2016 and accordingly has been collecting tolls for the last three years. Due to the presence of alternate roads and diversion of traffic in the region of RHTPL, toll collection has been subdued. RHTPL has pending dues of approximately Rs. 6.50 crore.

As of March 31, 2019, SIPL has supported this project by contributing funds of around Rs. 1,670.60 million and an equity infusion of Rs. 1,100.80 million. SIPL has mentioned that the company has a comfortable liquidity position with cash and bank and its equivalent amounting to Rs. 1,703.78 million.

On Friday, the stock of SIPL was trading at Rs. 67.95 per share, down by 5.63 per cent or Rs. 4.05. The 52-week high is Rs. 132.8 and 52-week low is Rs. 58.75.

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