MUMBAI: Infrastructure firm NCC Ltd has sought market regulator Sebi’s clearance to increase up to Rs 600 cr through a rights issue.
NCC would issue equity stocks for an total amount “not exceeding” Rs 600 cr to existing shareholders, says a draft letter filed by the company with Securities and Exchange Board of India (Sebi).
In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price & ratio.
The Hyderabad-based firm would use the proceeds from the issue in the direction of repayment/pre-payment of certain loans acquired by it & for general corporate purposes.
ICICI Securities & SBI Capital Markets are lead managers to the issue while Karvy Computershare would act as the registrar to the issue.
“Our Company has received in-principle approval from the NSE & the BSE for listing the rights equity shares arising from this issue…” NCC said in the provide document.
NCC is involved in development of infrastructure in various fields for example building & housing, water & environment, transportation & irrigation.
Internationally, the company has undertaken projects in Oman, UAE, Sri Lanka, Nepal and Qatar, the draft offer document said.
The company had a total consolidated income of Rs 7,568 cr in FY’14, it included.
Internationally, the company has undertaken projects in Oman, UAE, Sri Lanka, Nepal and Qatar, the draft offer document said.
The company had a total consolidated income of Rs 7,568 crore in FY’14, it added.
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