IRB Infrastructure Developers, a highway construction company, shares gained on Monday after it announced that Solapur Yedeshi Tollway, SPV for Solapur to Yedeshi project has tied up project finance of Rs 9.1 billion.

The total cost of this project is Rs 14.92 billion, out of which viability gap funding from NHAI of Rs 1.89 billion, equity contribution by the company will be approx. Rs 3.93 billion and remaining will be funded through project finance of Rs 9.10 billion. The average cost of this project finance is approx. 11.75% p.a.

Shares of the coampany are trading at Rs 246.45, down Rs 5.15, or 2.05% at the Bombay Stock Exchange (BSE) on Monday at 1:23 p.m.

The scrip has touched an intra-day high of Rs 250.90 and low of Rs 243.75. The total volume of shares traded at the BSE is 310,668.