JMC Projects gains as board approves raising Rs 75 cr via NCD issue

JMC Projects (India) soared 4.38% to Rs 108.35 after the company said that the board approved the issuance of non-convertible debentures (NCDs) of Rs 75 crore on private placement basis.

The board approved the issue of 750 non-convertible debentures of the face value of Rs 10 lakh aggregating to Rs 75 lakh. The issue has been divided in Series A debentures and Series B debentures.

Under Series A debentures, the company will issue 375 unsecured, rated, listed, redeemable, non-convertible debentures having a tenor of 24 months from the deemed date of allotment.

Similarly, Under Series B debentures, the company will issue 375 unsecured, rated, listed, redeemable, non-convertible debentures having a tenor of 36 months from the deemed date of allotment.

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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