KBC Global plans to raise Rs 1 billion through issue of equity shares

16 Oct 2024 CW Team

Construction and infrastructure company KBC Global Ltd on Tuesday said it plans to raise up to Rs 1 billion through an issue of equity shares. The board of the company will meet on October 16 (Wednesday) to consider and approve a proposal to raise up to Rs 1 billion through an issue of equity shares via permissible modes, including preferential allotment and warrants, the company said in a statement.

"The proceeds of the equity issue will be utilized for the repayment of debt," the company said. As of March 31, 2024, total loan outstanding was Rs 758.6 million on its its books. KBC Global on September 21, 2024 fulfilled its payment obligation to Capri Global Capital Ltd and fully regularized the default on September 19, 2024.

As of today, the outstanding balance with Capri Global Capital Ltd stands at Rs 1350 million, it said. A step-down arm of KBC Global recently signed an MoU with Liberia Special Economic Zone Authority for the construction and development of residential building complexes, low-cost housing and Commercial space in SEZ with an estimated cost of $ 12.5 million.

The company has commenced a new project at Deolali in Nashik (Maharashtra) with six commercial and 22 residential units.

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