KBC Global to raise Rs 1 billion via equity share issuance

17 Oct 2024 CW Team

Construction and infrastructure company KBC Global announced its plan to raise up to Rs 1 billion through the issuance of equity shares. The company's board will review and approve a proposal for raising the funds through equity share issuance via various permissible methods, including preferential allotment and warrants, according to a statement by the company.

The company indicated that the proceeds from the equity issue would be used to repay its debt.

As of March 31, 2024, the company had an outstanding loan balance of Rs 750.86 million.

KBC Global also mentioned that on September 21, 2024, it fulfilled its payment obligation to Capri Global Capital, fully regularizing a previous default on September 19, 2024. The outstanding balance with Capri Global Capital now stands at Rs 130.50 million.

Additionally, a subsidiary of KBC Global recently signed a Memorandum of Understanding (MoU) with the Liberia Special Economic Zone Authority to construct and develop residential complexes, low-cost housing, and commercial spaces within the SEZ, with an estimated cost of $12.5 million.

The company has also started a new project in Deolali, Nashik (Maharashtra), which includes six commercial and 22 residential units.

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