KNR Constructions Limited has secured shareholder nod to increase the borrowing power of the company to Rs. 2,000 crore. This move is aimed at meeting the working capital and funding requirements for ongoing and pipeline projects.
In a statement the company has informed the BSE that it has secured the nod of the shareholders to hike the borrowing limit and the company Board has been authorised (through a postal ballot) to mortgage or create charge enabling them to raise up to R. 2,000 crore.
The company last week achieved financial closure for Rs. 627 crore road project in Bihar being executed by its subsidiary—KNR Muzaffarpur Baruni Tollway Private Limited. The KNR management also diluted 49 per cent stake in road the subsidiary inducting JKM Infra Projects, a Delhi-based infrastructure company.
The shares of the company closed at Rs 119.25, down 0.17 per cent on the BSE.