JMC Projects gains after board approves fund raising upto Rs 200 cr

JMC Projects (India) rose 1.06% to Rs 99.75 after its board approved fund raising upto Rs 200 crore via non-convertible debentures (NCDs), on a private placement basis.

In an exchange filing, JMC Projects (India), said, The board has approved raising of funds upto Rs 200 crore by way of issue of listed, rated, secured/unsecured, redeemable non-convertible debentures of the company on private placement basis, in one or more tranches/series within the borrowing limits approved by the shareholders subject to such statutory and regulatory approvals as may be necessary under applicable laws.

The board further authorized the management committee of the board of directors of the company to take necessary steps in this regard, including finalization of the terms of issuance of NCDs, the company stated.

JMC Projects (India) (JMC), a subsidiary of Kalpataru Power Transmission, is one of the leading civil construction and infrastructure EPC company. JMC has emerged market leader in construction of Buildings & Factories (B&F), Water, Urban Infrastructure and Heavy Civil.

The company reported a net profit of Rs 31.33 crore in the quarter ended June 2022 as against net loss of Rs 10.15 crore during the previous quarter ended June 2021. Sales rose 44.01% to Rs 1671.64 crore in Q1 FY23 over Q1 FY22.

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