Kalpataru Power Transmission to raise Rs 300 crore via NCDs

It posted a 50 per cent jump in standalone net profit at Rs 64.53 crore in the quarter ended on June 30, 2016

Kalpataru Power Transmission today said its shareholders' have approved the company's proposal to raise up to Rs 300 crore through non-convertible debentures (NCDs).

In a regulatory filing, the firm said its shareholders have approved the "issue and allotment of secured/unsecured redeemable NCDs up to Rs 300 crore".

On the rationale behind the fund raise, it said: "In order to meet the financial needs of the company, the company may make an offer of NCDs or invite subscription to NCDs on private placement basis...."

The company posted a 50 per cent jump in standalone net profit at Rs 64.53 crore in the quarter ended on June 30, 2016. The standalone net profit was Rs 43.01 crore in the year-ago quarter.

Total income from operations was Rs 1,187.37 crore in the first quarter of this fiscal, compared to Rs 1,193.64 crore year-ago.

Last month, the firm said that it has secured new orders worth around Rs 1,900 crore.

The company further said that it has bagged a Rs 1,340 crore turnkey project for construction of 225 kv transmission line and substation in the Republic of Senegal.

Second order is for construction of 500 kv transmission line in Afghanistan worth Rs 575 crore, funded by Asian Development Bank.