Companies

KNR Constructions hikes borrowing power

Our Bureau Hyderabad | Updated on November 16, 2017 Published on July 09, 2012

KNR Constructions Ltd 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. The Hyderabad-based infrastructure 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 Rs 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 Ltd. The KNR management also diluted 49 per cent stake in road the subsidiary inducting JKM Infra Projects, a Delhi-based infrastructure company. The company’s shares closed the day down 0.17 per cent at Rs 119.25.

Published on July 09, 2012
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