NCC convenes EGM to seek nod to raise up to ₹550 cr
Construction and infrastructure company NCC Ltd has convened an extraordinary general meeting (EGM) to seek members’ nod for approval to raise up to ₹550 crore. The EGM, convened for January 8, 2018, is aimed at securing nod for an enabling resolution which facilitates the company to raise up to ₹550 crore by way of Qualified Institutional Placement (QIP) offer, GDRs, ADRs, Foreign Currency Convertible Bonds (FCCBs), or any other security.
This could be by way of creating and issuing equity shares or any other mechanism in any foreign currency.
With the Central and State governments increasing their spend on infrastructure projects, the company sees the opportunities for established construction company like NCC has been improving. The company order book has swelled during the current financial year and the trend is expected to continue.