Reliance Infrastructure’s subsidiary, PS Toll Road Private Limited (PSTR), has received notices from Axis Bank and IDFC First Bank. The banks have invoked substitution rights under a concession agreement for a highway project, citing alleged defaults by PSTR.
In the exchange filing, the company shared,” PS Toll Road Private Limited (PSTR), a wholly owned subsidiary of the Company, has received Notices dated December 26, 2024, from Axis Bank Limited and IDFC First Bank Limited, invoking the right of substitution under the Concession Agreement for six-laning the Pune-Satara section of NH-44 in Maharashtra, for and on behalf of lenders of PSTR citing alleged DSRA defaults by PSTR.”
In response, PSTR plans to pursue legal action to safeguard its interests. Reliance Infrastructure has stated that it is currently unable to assess the financial impact of this development on the company.
In the meantime, Reliance Infrastructure shares closed today at ₹298.50, slightly down from the opening price of ₹308.00. The stock touched a high of ₹310.00 and a low of ₹298.00 during the session. Currently, it trades below its 52-week high of ₹351.00 but remains significantly above its 52-week low of ₹144.45.
