Nagarjuna Construction Company raises Rs 367.35 crore through QIP issue

Nagarjuna Construction Company Limited (NCC) has successfully concluded a Qualified Institutional Placement (QIP) of Rs 367.35 crores (US $ 75 million). The company received bids from 25 investors for allotment of 5.01 crore shares amounting to Rs 665.70 crores (US$ 135.90 million) resulting in over subscription of 1.8 times. The company has allotted 2,77,32,900 equity shares of Rs 2 each at a price of Rs 132.46 to the investors aggregating to Rs 367.35 crores (US$ 75 million).

The issue proceeds will be utilized for retirement of the Short Term Debt and for investment in Infrastructure Projects like Roads and Power.

The stock was trading at Rs.141.50, up by Rs.2.45 or 1.76%. The stock hit an intraday high of Rs.142.80 and low of Rs.141.

The total traded quantity was 151312 compared to 2 week average of 321562.

Source : Equity Bulls

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