Tuesday, 31 January 2017

Ministry Recalls Road Project Awarded To Dilip Buildcon In AP


Dilip Buildcon Ltd has informed in a filing to the Bombay Stock Exchange that the Ministry of Road Transport & Highways, Government of India has recalled the project "Rehabilitation and up-gradation of Machilipatnam to Avanigadda section from Km 84/550 to Km 124/200 of NH-214A (New NH-216) to two lane with paved shoulder in the state of Andhra Pradesh under NHDP -IV through an Engineering, Procurement and Construction (the "EPC") basis where the Company had been declared as the successful bidder (L-1) for the project.

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The Ministry of Road Transport & Highways, Government of India has recalled the project because L-1 Bid price is higher than the departmental estimate i.e. 222.90 Crores.

Further, as per Company's Code of conduct of Prevention of insider trading pursuant to Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, as amended, the Company is not closing the trading window separately for the said announcement because the trading window is already closed w.e.f. January 23, 2017 to February 10, 2017. Meanwhile, shares of the company were trading at Rs 243.05 apiece, up 0.79 per cent from the previous close at 09:28 hours on BSE.

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