KNR Constructions bags Rs 206 cr contract

MUMBAI: KNR Constructions has entered into 50:50 joint venture with Patel Engineering. The new Patel-KNR JV has bagged an order valued at Rs 206 crore towards balance works of widening 4/6 laning and strengthening of existing 2 lane carriageway of NH-7 in Tamil Nadu by NHAI.

KNR Construction is the provider of engineering, procurement and construction services across roads and highways, irrigation and urban water infrastructure management got listed on the bourses at Rs189 against its issue price of Rs170. However, immediately lost ground as investors preferred booking their profits. At 11:47 am, the scrip was quoting at Rs160 slipping by almost 5.88 per cent after hitting an intra-day high of Rs 210 and a low of Rs 155.60 on NSE.

The company came out with an offering of 78.74 lakh equity shares at the price band Rs 170 and Rs 180 per share through book building process. The initial public offering of the company was subscribed 1.25 times.