Nagarjuna Construction Company Limited said it concluded a qualified institutional placement (QIP) of Rs 367.35 crore (about $ 75 million).
The company received bids from 25 investors for allotment of 50 million shares amounting to Rs 665.7 crore ($ 135.9 million) resulting in over subscription by 1.8 times.
The company has allotted 27.73 million equity shares of Rs 2 each at Rs 132.46 to the investors aggregating to Rs 367.35 crore. The QIP proceeds would be utilised for retirement of the short term debt and for investment in roads and power infrastructure projects, said its managing director A Ranga Raju in filing with the Bombay Stock Exchange (BSE).
Shares of Nagarjuna Construction traded at Rs141.5 BSE, up by 1.76 per cent from the previous close of Rs 139.05