Afcons Infra Is The Lowest Bidder For ₹1000 cr Metro Project

Shapoorji Pallonji-owned Afcons Infrastructure Ltd stood as the lowest bidder (L-1) for a project worth ₹1006.74 cr. Following its debut in the stock market, the shares of Afcons Infrastructure ended today’s session at ₹472.20, up by 2.42%.

During the bidding for the construction package BH-05 of the Bhopal Metro Phase 1 project, Afcons Infrastructure was declared the lowest bidder. The bidded amount stood at ₹1006.74 cr.

The project was specifically meant for the 12.925 km Blue Line (Line-2). The route will connect Bhadbhada Chauraha and Ratnagiri Tiraha via 13 stations.

Issued by the Madhya Pradesh Metro Rail Corporation (MPMRCL), the package includes construction of Blue Line overpass, 13 stations, and a ramp leading to Subhash Nagar Depot. This will be shared with Orange Line (Karond Circle - AIIMS) for maintenance.

Notably, the shares of Afcons Infrastructure were listed at an 8% discount following which it traded with gains close to 3% in the afternoon trade. The company raised about ₹5,430 cr from the IPO.

Goswami Infratech, a promoter group company, sold its shares via the OFS. While Afcons has proposed to use ₹80 crore towards the purchase of construction equipment, ₹320 crore will be utilised towards funding long-term working capital requirements. Close to ₹600 will be used to repay the debt.

Founded in 1959, Afcons Infrastructure has verticals spanning across marine and industrial projects, surface transport projects and Hydro, and underground projects among many.