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KNR Constructions to raise Rs 160 crore
Our Bureau
Hyderabad
,
Feb. 22
KNR Constructions Ltd, the Hyderabad-based infrastructure company, plans to raise Rs 160 crore capital from institutions and is planning an IPO soon, to position itself to execute large projects.
State Bank of Patiala has agreed to take 50 per cent of this exposure, while the rest would be sourced from State Bank of Maharashtra and State Bank of Hyderabad equally, according to Mr K. Jalandhar Reddy, Executive Director of the company.
Of the Rs 160 crore, Rs 140 crore would be in the form of non-fund based limits (such as bank guarantee) and Rs 20 crore fund-based (cash credit), he along with Mr R.S. Raghavan of Kapis Finserve and consultant to the company, told newspersons.
KNR has tied up Rs 80 crore from State Bank of Patiala; Rs 70 crore would be the non-fund based limit and the rest fund-based limit. An agreement to this effect was signed on last Friday, they said.
The objective of this exercise was to position the company to bid for large infrastructure projects in the BOT (build, operate and transfer) mode. The 30-year-old closely held company with a share capital of Rs 20 crore and reserves of Rs 15 crore is also working on the modalities for an IPO.
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