Nagarjuna Construction today said it will raise Rs 550 crore through qualified institutional placements (QIP) route.
The company's board has given in-principle approval to raise Rs 550 crore, Nagarjuna Construction said in a filing to the Bombay Stock Exchange.
The company would raise Rs 550 crore (with a green shoe option to retain up to Rs 50 crore from the excess subscription received) by issuing securities to qualified institutional buyers, it said.
The said proposals are subjected to the shareholders approval.
Shares of Nagarjuna Construction settled at Rs 141.25, up 3.59 per cent on the BSE today.