NCC to raise Rs 650 cr through Rights Issue

Infrastructure firm NCC Ltd today said its Board of Directors has approved raising up to Rs 650 crore through Rights Issue of equity shares.
In a filing with bourses, NCC also said the Board, in a meeting held today, had accorded in-principle approval for increasing the Authorized Share Capital from Rs 60 crore to Rs 150 crore.
"Subject to the requisite statutory and regulatory approvals and other consents/approvals as may be necessary, the Board of Directors at its meeting held on April 9, 2014 approved raising of funds up to an amount of Rs 650 crores through Rights Issue of equity shares to the existing members of the company," NCC informed the stock exchanges.

It said the terms and conditions of the Rights Issue including the entitlement ratio, the issue price, issue size, record date, timing and other related matters shall be decided subsequently by the Board or a duly constituted Committee of the Board in consultation with the lead managers to the issue.
The NCC scrip closed at Rs 41.75, up 9.58 per cent, on the BSE.