NCL Ind to set up Rs 300cr project

NCL Industries Limited, a Hyderabad-based cement, wood particle boards and prefabricated shelters manufacturer, will set up a facility for manufacture of 3,000 tonnes per day (TPD) clinker at Mattapally in Nalgonda district.

It is also planning to set up two 2,000 TPD grinding units, one each at Mattapally and Kondapally in Krishna district . A decision to this effect was taken by the board of directors of the company, at its meeting on June 29.

"The decision is in lieu of the project for manufacture of 1,800 TPD clinker and a 2,500-TPD grinding unit approved earlier," the company informed the Bombay Stock Exchange (BSE) on Monday.

The cost of the project is estimated to be Rs 300 crore, to be financed by promoters' equity and internal accruals (Rs 70 crore), besides a combination of foreign currency convertible bonds (FCCBs), and external and domestic borrowing aggregating Rs 230 crore, it said.

The board has also approved the proposal to raise Rs 15 crore by way of preferential issue of warrants to the promoters and promoters group, convertible to shares at Rs 45 per share.

It also authorised issue of FCCBs for a value not exceeding $20 million (approximately Rs 80 crore).