The Hindu Business Line : NCC to raise up to Rs 550 cr

Nagarjuna Construction Company Ltd (NCC) has decided to raise an amount not exceeding Rs 550 crore through the Qualified Infrastructure Placement (QIP) route. This would include a green shoe option to retain up to Rs 50 crore from the excess subscription, if any, received. The company got the in-principle nod for the proposal from its board, which met here on Tuesday. The funds to be raised through the issue of equity shares/securities to the Qualified Institutional Buyers (QIBs), are required for implementing ongoing Build-Operate-Transfer (BoT) projects as well as new ones, both this fiscal and the next, said Mr Y.D. Murthy, Senior Vice-President (Finance), NCC. NCC hopes to get the shareholders’ nod at the ensuing Annual General Meeting scheduled for July 30. “The idea is to go for fund raising when the market conditions are good in the near future. The shareholder nod, which would be valid for 12 months, will give us the time advantage to exercise the option,” Mr Murthy told Business Line.

— Our Bureau

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