NCC Ltd has announced the issue price of its rights issue at ₹20 an equity share, including a premium of ₹18/share of ₹2 face value. The Hyderabad-based construction company is issuing the shares at a steep discount to Monday’s closing price of ₹70.40.
The company is raising ₹598.70 crore by offering seven shares for every six shares held on rights basis.
In a notification to the bourses, it said all fractional entitlements of eligible equity shareholders shall be ignored for computation of their respective rights entitlements. Instead, they would be given one additional preference share. NCC is seeking to raise these funds to part-fund its business plans and also retire part of the debt on its books.