Mundra Port slips as CPT rejects co's Rs 3,700-cr bid

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Mundra Port slips as CPT rejects co's Rs 3,700-cr bid

SI Reporter / Mumbai 30 Dec 11 | 02:01 PM

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Mundra Port and Special Economic Zone has slipped 3% to Rs 120 on reports that Chennai Port Trust (CPT) has rejected a bid by the company for its Rs 3,700-crore mega container terminal project due to low revenue share offer.

“CPT rejected a bid on the ground that revenue share of 5% offered by the company was too low. Mundra Port was the only bidder for the project," the report suggests.

The port is planning a re-bid for the deepwater container terminal, the country’s first, to give another opportunity to those companies which participated in the project’s request for qualification stage, added the report, quoting a senior CPT official.

A combined around 700,000 shares have changed hands on the counter so far on the NSE and BSE.