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| Punj Lloyd Q1 net up 13%; to raise Rs 1,250 cr |
| Press Trust of India / New Delhi Jul 27, 2009, 20:42 IST |
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Engineering and construction firm Punj Lloyd consolidated net profit rose 13.68 per cent growth to Rs 127.16 crore in the first quarter of the fiscal and the company said it plans to raise Rs 1,250 crore.
The company will raise the amount through qualified institutional placement and issuance of non-convertible debentures.
On the standalone basis, the company has posted a net profit of Rs 68.72 crore for the June quarter, down 18.29 per cent from Rs 84.11 crore in the same quarter last year.
Total income increased 12 per cent to Rs 2,979 crore in the latest quarter, against Rs 2,658.10 crore in the corresponding quarter of previous fiscal.
However, total income rose Rs 1,932.31 crore in the latest quarter, compared to Rs 1,571.6 crore in the same period previous fiscal.
Punj Lloyd also plans to raise up to Rs 1,250 crore through qualified institutional placement (QIP) and issuance of non-convertible debentures (NCDs), its Chairman Atul Punj told reporters here.
"We would raise about $125 million (Rs 625 crore) through QIP," Punj said. The company could also garner about Rs 625 crore through NCDs, he added.
"The money raised would be used to replace high-cost debt... The amount would be raised after getting shareholders approval which is expected tomorrow," Punj said.
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