Shares of Reliance Infrastructure rallied over 3 per cent on Friday as the company submitted performance security bank guarantee (PS-BG) and mobilisation advance bank guarantee (MA-BG) to the Maharashtra State Road Development Corporation (MSRDC) for Versova-Bandra Sea Link Project (VBSL).

The consortium has submitted Rs 350 crore towards PS-BG and Rs 385 crore for MA-BG to MSRDC. “The Reliance Infrastructure consortium has submitted the guarantees ahead of time for fast track completion of this prestigious project,” the company said in a BSE filing.The scrip was 3.26 per cent up at Rs 454.50 at around 11.40 am while the BSE Sensex was up 0.44 per cent at 37,882. The consortium of Reliance Infrastructure and Astaldi (Italy) signed an agreement with MSRDC on September 4 for construction of the prestigious project in Mumbai. RInfra-Astaldi had earlier bagged the engineering, procurement and construction (EPC) contract for the Rs 7,000 crore project on a competitive bid basis.

The consortium had emerged as the most competitive bidder with its bid of Rs 6,993.99 crore.

Other bidders in the fray were LT-Samsung and Hyundai Development Company-ITD.

The tender for the construction of second sea link in Mumbai on EPC-basis was floated by MSRDC.

With a length of 17.17 km, the Versova-Bandra Sea Link is three times the length of the existing Bandra-Worli Sea Link, which is 5.6 km.