NCC Ltd seeks Sebi nod to raise Rs 600 cr from rights issue

Infrastructure firm NCC Ltd has sought market regulator Sebi's clearance to raise up to Rs 600 crore through a rights issue.

NCC would issue equity shares for an aggregate amount "not exceeding" Rs 600 crore to existing shareholders, says a draft letter filed by the company with Securities and Exchange Board of India (Sebi).

In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.

The Hyderabad-based firm would use the proceeds from the issue towards repayment/pre-payment of certain loans availed by it and for general corporate purposes.

ICICI Securities and SBI Capital Markets are lead managers to the issue while Karvy Computershare would act as the registrar to the issue.

"Our Company has received in-principle approval from the NSE and the BSE for listing the rights equity shares arising from this issue..." NCC said in the offer document.

NCC is involved in development of infrastructure in various fields such as building and housing, water and environment, transportation and irrigation.

Internationally, the company has undertaken projects in Oman, UAE, Sri Lanka, Nepal and Qatar, the draft offer document said.

The company had a total consolidated income of Rs 7,568 crore in FY'14, it added.