Reliance Infrastructure gains 4% on winning arbitration award against Goa government

Shares of Reliance Infrastructure rose 4 percent intraday Monday as the company won arbitration award against Goa government.

The company has won an arbitration award of Rs 292 crore against Government of Goa.

The Arbitration Tribunal, in its award on February 16, 2018, has ordered Government of Goa to pay Rs 292 crore to Reliance Infrastructure by April 15, 2018.

The Tribunal has also ordered payment of interest at 15 percent p.a. on the total award amount if Government of Goa fails to pay the entire award amount by the deadline.

The total outstanding dues along with interest as on October 31, 2017 amount 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.

At 14:28 hrs Reliance Infrastructure was quoting at Rs 469.10, up Rs 14.25, or 3.13 percent on the BSE.moneycontrol