McNally Bharat Board approves Rs 120-cr fund raising

McNally Bharat Engineering today said its Board has gave approval to raise up to Rs 120 crore through non-convertible preference shares in one or more tranches.

McNally's Board has accorded approval "...to create, issue/offer, allot and deliver in one or more tranches on a private placement and or preferential Basis not exceeding 1.2 crore non-convertible redeemable preference shares of Rs 100 each of an aggregate amount not exceeding Rs 120 crore," it said in a BSE filing.

The shares could be offered to strategic and domestic investors, institutional buyers, mutual funds, banks, FIls, NRIs, insurance companies and corporate bodies etc, subject to necessary provisions and approvals, it added. McNally said its Board, at its meeting today, also gave approval for raising the authorised share capital of the firm to Rs 160 crore from Rs 40 crore earlier.

Scrips of the company today settled at Rs 99.85 apiece, up 1.17 per cent in the BSE over the previous closing.