Ceigall India to invest Rs 29.44 Cr in highway project SPV

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Nifty Microcap 250market · in no size index; the smallest one is used-0.6%+2.8% vs market

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AI summary

Ceigall India's Management Committee approved further investment of Rs 29.44 Crores in its subsidiary Ceigall Indore Ujjain Greenfield Highway Ltd (the Project SPV). Ceigall will hold 74 percent and its wholly-owned unit CIPPL 26 percent. The SPV will build a 48.10 km, 4-lane access-controlled greenfield highway on Hybrid Annuity Mode, awarded by MP Road Development Corporation. Funds will be infused in tranches. The committee also approved creating security for a rupee term loan to the SPV.

Likely market impact

Equity infusion to fund ongoing HAM highway project, in tranches as needed. Supports subsidiary's debt facility and project execution.