NCC Ltd has decided to raise up to Rs 650 crore through rights issue of equity shares to the existing shareholders of the company. It has also decided to hike the authorised capital.

This will be subject to the requisite statutory and regulatory approvals and other consents and approvals as may be necessary.

The board of directors of the Hyderabad-based construction and infrastructure company at its meeting held on Wednesday approved raising of funds through rights Issue of equity shares to the existing members of the company.

The terms and conditions of the rights issue, including the rights entitlement ratio, issue price, issue size, record date, timing of the issue and other related matters shall be decided subsequently by the board/a duly constituted committee of the board in consultation with the lead managers to the issue.

The board has also accorded in-principle approval for increasing the authorised share capital from Rs 60 crore to Rs 150 crore.

Additional director

The company said in a filing to the BSE that based on the recommendation of the nomination committee, the board has approved the appointment of Hemant M. Nerurkar as an Additional Director (Independent Director) on the company board.

The company shares ended at Rs 41.75, up 9.58 per cent on the BSE.

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