The project, awarded by the Water Resources Department in Kota, involves building the Chhoti Kalisindh Medium Irrigation Project in Jhalawar district. The project will use sprinkler irrigation and solar power systems and cover the Chhoti Kalisindh and Chahurni rivers in Gangdhar tehsil.
The project will be executed on an engineering, procurement and construction (EPC) turnkey basis, meaning LCC Projects will be responsible for the project from design and procurement through construction.
The company said the project is a domestic order and will take 36 months to complete from the effective date of the contract.
LCC Projects said it will inform the stock exchanges of any further developments.
Shares of LCC Projects closed 1.9% lower at ₹143.80 on the NSE on Thursday, compared with ₹146.59 in the previous session.
LCC Projects IPO and stock market debut
LCC Projects, a Gujarat-based company focused on irrigation and water-supply infrastructure, made its stock-market debut on September 17.
The stock opened at ₹191.90 on the BSE, a 31.44% premium to its IPO price of ₹146. On the NSE, it opened at ₹189, up 29.45% from the IPO price.
The company’s ₹427.1 crore IPO was subscribed 48.51 times by the end of bidding on September 11. Investors bid for 101.52 crore shares against 2.09 crore shares on offer.
Qualified institutional buyers subscribed 78.69 times, while the non-institutional investor portion was subscribed 62.99 times. The retail portion was subscribed 25.56 times.
The IPO was open from September 9 to September 11, with a price band of ₹139-₹146 a share.
It comprised a fresh issue of 1.77 crore shares worth ₹258 crore and an offer for sale of 1.16 crore shares worth ₹169.14 crore.
LCC Projects plans to use ₹180 crore from the fresh issue to repay borrowings and ₹14.6 crore to buy equipment. The remaining funds will be used for general corporate purposes.
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