Shares of IRB Infrastructure were trading in the red and 3% lower on 28 November after the company’s special purpose vehicle, IRB Lalitpur Tollway, had signed a concession agreement with the NHAI (National Highways Authority of India) to pay an upfront amount of Rs 4,428 crore.

The company’s special purpose vehicle, IRB Lalitpur Tollway, has signed an agreement for the tolling, operation, maintenance and transfer of the four-lane Lalitpur-Sagar-Lakhnadon section from the 99.005 km mark to the 415.089 km mark of NH-44 in Uttar Pradesh and Madhya Pradesh on a Toll-Operate-Transfer basis.

For the tolling and operation of the 316 km stretch, the arm will pay a concession fee of Rs 4,428 crore to NHAI for a revenue-linked concession period of 20 years. The annual tariff revision has been set to 3% per annum and 40% of the Wholesale Price Index.

On 29 October, the company trust received a Letter of Award (LoA) for this project after emerging as the selected bidder in global competitive bids invited by the NHAI.

The company is an integrated transport infrastructure developer in the roads and highways segment and is India’s largest integrated private toll roads and highways infrastructure developer.

At 3:30 pm, the shares of IRB Infrastructure closed 2.69% lower at Rs 38 on NSE.