The preferential issue of KBC Global, a construction and infrastructure company, to raise ₹100 crore has received investment from Patanjali Foods and Herbal Park and Falcone Peak Fund.
The Board of directors of the company approved the issue of 45.23 crore warrants on a preferential basis to non-promoters at ₹2.20 per warrant aggregating to investment of ₹99.50 crore.
Each warrant will be converted into one equity share of face value of ₹1 each fully paid up. The proceeds of the equity issue will be used to repay debt.
Extra Ordinary General Meeting of the company will be held on November 15 to approve the issue. Out of the total issue, Falcone Peak Fund (CEIC) was allotted 26 crore warrants, Patanjali Parivahan and Patanjali Food and Herbal Park were allotted 4.55 crore warrants and Foresight Holding will get 2.28 crore warrants.
Post issue of the warrants, Falcone Peak Fund will own 8.48 per cent in KBC Global while Patanjali companies and Foresight Holding will hold about 1.48 per cent and 1.04 per cent.
The warrant will be converted into equity shares in 18 months. The Board also approved the appointment of Muna Makki as Executive Director of the company subject to approval of Members.