The Hindu Business Line : Nagarjuna Const plans $120-m GDR issue

NAGARJUNA Construction Company Ltd (NCCL) has decided to raise funds to the tune of $120 million by issue of `global depository receipts (GDRs) and or foreign currency convertible bonds (FCCBs)' or a combination thereof.

The company informed the BSE that the board of directors meeting held on Thursday has accorded in principle approval.

The funds would be used for investing in the BOT and BOOT projects that have been awarded/likely to be awarded to the company/the joint ventures with which the company is associated.

NCCL is also planning to use the money to meet the increased working capital requirements and the long-term fund requirement of the company.

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