Marg to raise Rs 300 cr

Marg Constructions will raise up to Rs 300 crore through Global Depository Receipts, Foreign Currency Convertible Bonds or Qualified Institutional Placement issue in overseas market.

The board of directors of the company at its meeting recently, also considered completion of the Karaikal Port Project worth Rs 303 crore, granted to the wholly-owned subsidiary 'Karaikal Port' by a consortium of banks and financial institutions, Marg Constructions informed the Bombay Stock exchange.

The in-principle approval received from ministry of commerce for two special economic zones (SEZs) in Kancheepuram and acquisition of 4.40 acres of land for development of residential apartments at Kalavakkam in Chennai was also discussed at the board meeting.

The board of directors took note of the agreements entered into by Marg Business Park, a wholly-owned subsidiary of the company, with Singapore-based Oakwood Asia Pacific.