NCC Ltd expects to complete the ₹600-crore proposed rights issue process before the second quarter of the current financial year. The Hyderabad-based infrastructure company has appointed merchant bankers and has applied for market regulator SEBI’s nod for the rights issue.
A top official of the company told BusinessLine that the whole process is likely to be completed by September and aimed at partially bringing down the company debt. The company is also in the process of divesting stake in some of the matured road projects and will also consider divestmenting stake in the power venture at a later date due to regulatory issues. According to the company, ICICI Securities and SBI Capital Markets will serve as the lead managers to the issue.
NCC shares closed the day at ₹78.65, down 0.25 per cent, on the BSE.