NCC to raise `650 crore through rights issue
NCC board accords in-principle approval for increasing authorized share capital from `60 crore to `150 crore
Hyderabad: Infrastructure firm NCC Ltd on Wednesday said its board of directors has approved raising up to ₹ 650 crore through rights issue of equity shares.
In a filing with bourses, NCC also said the board, in a meeting held on Wednesday has accorded in-principle approval for increasing the authorized share capital from ₹ 60 crore to ₹ 150 crore.
“Subject to the requisite statutory and regulatory approvals and other consents/approvals as may be necessary, the Board of Directors at its meeting held on April 9, 2014 approved raising of funds up to an amount of ₹ 650 crores through Rights Issue of equity shares to the existing members of the company," NCC informed the stock exchanges.
It said the terms and conditions of the rights issue including the entitlement ratio, the issue price, issue size, record date, timing and other related matters shall be decided subsequently by the board or a duly constituted committee of the board in consultation with the lead managers to the issue.
The NCC scrip closed at 41.75, up 9.58%, on the BSE.
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