On Winning Arbitration Award against Goa Government, Reliance Infrastructure Gains 4%
On Monday, it was observed that the shares of Reliance Infrastructure went up 4 percent intraday. This was mainly due to the recent event, where the company won arbitration award against Goa government.
Reliance infrastructure won an arbitration award of Rs 292 crore against Government of Goa on 16 February.
It was asked by the Government of Goa to pay Rs 292 crore to Reliance Infrastructure by April 15, 2018. Arbitration Tribunal ordered this in its award on February 16, 2018.
It has also warned that if the Government of Goa fails to pay the entire award amount by the deadline then the interest will be charged. Arbitration Tribunal has asked the Government of Goa to pay interest at 15 percent p.a. on the total award amount.
The total amount of the outstanding dues along with interest as on October 31, 2017 is equal to Rs 278 crore. The Tribunal has also awarded Reliance Infrastructure interest from October 2017 till the date of the award, which amounts to Rs 14 crore.
On the BSE, at 14:28 hrs Reliance Infrastructure was quoting at Rs 469.10, up Rs 14.25, or 3.13 percent.