NCC proposes to raise Rs 650 cr through rights issue

Board also accorded in-principle approval for increasing authorised share capital from Rs 60 cr to Rs 150 cr

Infrastructure development company NCC Ltd proposes to raise up to an amount of Rs 650 crore through rights issue of equity shares to the existing members. The company informed the BSE  that the board, at its meeting held on Wednesday, had approved raising of funds  through the rights issue.

The terms and conditions of the issue, including the rights entitlement ratio, the issue price, issue size, record date, timing etc will be decided subsequently, the company said.

The board had also accorded in-principle approval for increasing the authorised share capital from Rs 60 crore to Rs 150 crore. It had approved the appointment of Hemant M Nerurkar as additional director (independent director).