Shrinagar Sonmarg Tunnelway (SSTL), a special purpose vehicle (SPV) of IL&FS Transportation Networks (ITNL), tied up a Rs 23.63 billion loan with ICICI Bank on August 22, ITNL has said in an exchange filing.

The project is on annuity basis with a concession period of 20 years including construction period of 1,825 days and the estimated cost of project is Rs 32.89 billion.

The company with equity participation in the ratio of 51:49 for undertaking the development, operation and maintenance of Srinagar Sonmarg Gumri road section Km 69 to km 81.3 on National Highway 1 in the state of Jammu & Kashmir on DBFOT basis had signed a concession agreement on April 30, 2013 with border roads organisation, government of India.

Shares of the company declined Rs 1.25, or 0.61%, to trade at Rs 204.50. The total volume of shares traded was 15,800 at the BSE (12.45 p.m., Wednesday).