KEC International gains after board approves raising funds

KEC International rose 1.57% to Rs 138.90 at 17:55 IST on BSE after the company said its board approved raising funds for refinancing of debt, long term working capital requirements, capex and other corporate purposes.

The announcement was made after market hours yesterday, 10 November 2015.

Meanwhile, the BSE Sensex was up 163.94 points, or 0.64%, to 25,907.20.

On BSE, so far 2,782 shares were traded in the counter, compared with an average volume of 1.03 lakh shares in the past two weeks.

The stock hit a high of Rs 139.65 and a low of Rs 136.80 so far during the day. The stock hit a 52-week high of Rs 160.95 on 28 July 2015. The stock hit a 52-week low of Rs 71.95 on 26 March 2015.

KEC International announced that its board of directors at its meeting held on 28 October 2015, accorded its consent to raise funds for refinancing of debt, long term working capital requirements, capex and other corporate purposes, by way of issuance of redeemable non-convertible debentures / bonds, on private placement basis, subject to approval of the members by passing a special resolution.

On a consolidated basis, net profit of KEC International rose 117.34% to Rs 44.12 crore on 6.63% decline in net sales to Rs 1998.27 crore in Q2 September 2015 over Q2 September 2014.

KEC International is a global infrastructure engineering, procurement & construction (EPC) major with presence across power transmission, power systems, cables, railways, telecom and water space.

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