Nagarjuna Construction to raise US$180 million

Nagarjuna Construction Company Ltd has announced that the Board of Directors of the Company at its meeting held on January 31, 2007, inter alia, has accorded its in-principle approval for raising of funds upto US $ 180 million (Rs 810 crores) by way of issue of Equity Shares to QIBs (Qualified Institutional Buyers) / Issue of Global Depository Receipts / Foreign Currency Convertible Bonds / other permissible securities in accordance with the guidelines framed by SEBI in this regard and for issue of 25,00,000 warrants to M/s. AVSR Holdings Pvt Ltd (an investment Company, belonging to the promoters of the Company) under the Preferential Issue Guidelines issued by SEBI.

The Board has further accorded its in-principle approval for increasing the investment limits by FII's in the Equity Shares of the Company to 74% from the existing 49% subject to the approval of the shareholders.

Further the Company has informed that, an Extra-ordinary General Meeting of the Company will be held on February 26, 2007 for obtaining the approval of the members for the aforesaid Equity Issue to QIB’s / issue of GDR's / FCCB’s etc., issue of Warrants on preferential basis and Increase in the FII's limit.

Source : Equity Bulls

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