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Arbitration Award Brought Good For Reliance; Raise In The Infrastructure

Shares of Reliance Infrastructure today, 13th May 2017 rose by nearly 3 per cent after an arbitral tribunal awarded its arm a compensation of Rs 2,950 crore for a Delhi metro project. The stock gained 2.93 per cent to end at Rs 609.30 on BSE. During the day, it surged 6.42 per cent to Rs 630. On NSE, shares of the company rose by 2.86 per cent to close at Rs 609.50.

On the volume front, 7.80 lakh shares of the company were traded on BSE and over 61 lakh shares changed hands on NSE during the day. “DAMEPL, a subsidiary of RInfra, announced that it has been awarded compensation of Rs 2,950 crore by a three member arbitral tribunal in a unanimous decision. The tribunal was constituted from a panel nominated by Delhi Metro Rail Corporation (DMRC),” Reliance Infrastructure said in a statement yesterday.

RInfra said it will pay lenders’ debt of Rs 1,900 crore from the compensation award. The award to RInfra has been granted on the basis of termination provisions of the concession agreement where the arbitration tribunal has held termination by Delhi Airport Metro Express Private Limited (DAMEPL) as valid.

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