NCC to raise Rs 650 crore through Rights Issue

NCC Ltd, a city-based infrastructure firm today said its Board of Directors has approved raising of funds up to an amount of 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 also 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 09, 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 stock exchanges.

The terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the Rights Issue 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 Rights Issue.
NCC shares are quoting at Rs 41.50 apiece up 8.92 per cent on BSE towards closing of the market.