Shares of KNR Constructions were trading 2% higher on Friday after the company’s arm KNR Shankarampet Projects received the financial closure letter from the National Highways Authority of India (NHAI) for the road project in Telangana.

The project, worth bid price of Rs12,340cr, includes work for the four laning of Ramsanpalle to Mangloor section of NH-161 in Telangana, the company said in a press note after market hours to the exchanges on Thursday.

“The construction period of the project was 2 years and concession period is for 17 years. The financial closure was October 04, 2018,” the company added. 

KNR Constructions Ltd’s share price is currently at Rs218.85, up by Rs2.7 or 1.25%, from its previous close of Rs216.15 on the BSE.
 
The scrip opened at Rs218.20 and has touched a high and low of Rs221.15 and Rs218.20, respectively. So far, 24,707 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs3,039.44cr.
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