KBC Global, a construction and infrastructure company, has announced plans to raise up to Rs 100 crore through an equity share issue to reduce its debt burden. The company’s board is set to meet later today to consider and approve the fundraising proposal, which may involve methods such as preferential allotment or issuing warrants, according to an exchange filing.
The proceeds from the equity issue would be used to repay debt. “The board will consider issue of funds up to Rs 100 crore by way of Equity Shares, through permissible modes, including but not limited to Preferential Allotment or Warrants, in one or more tranches, as may be considered appropriate, subject to approval of the shareholders and regulatory approvals,” the company said.
At 1:32 pm, KBC Global shares traded 0.5 percent lower at Rs 2.35 a piece on the NSE. Moreover, the company is also expected to declare its quarterly earnings for July-September on Thursday along with approval of fundraising.
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Source: Moneycontrol
News Desk
