NCC has sought market regulator Securities and Exchange Board of India’s (SEBI) approval to raise up to Rs 600 crore through a rights issue.
In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio and the company would issue equity shares for an aggregate amount not exceeding Rs 600 crore to existing shareholders.
The company will use the proceeds from the issue towards repayment/pre-payment of certain loans availed by it and for general corporate purposes. Moreover, ICICI Securities and SBI Capital Markets are lead managers to the issue, while Karvy Computershare would act as the registrar to the issue.
NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.
