KBC Global announces plans to raise Rs 100 crore to cut debt

Construction and infrastructure company KBC Global announced plans to raise up to Rs 100 crore through an issue of equity shares. The company's board is scheduled meet later today to consider and approve the proposal, which includes raising the funds through permissible modes such as preferential allotment and warrants, the company stated.

According to the statement, the proceeds from the equity issue will be used for debt repayment.

"The board will consider and approve raising funds upto Rs 100 crore by issue of equity shares, through permissible modes, including but not limited to, preferential allotment, warrants or such other permissible mode or combinations thereof, in one or more tranches, as may be decided, subject to approval of the shareholders and regulatory and other approvals, each as may be required," KBC Global said in its exchange filing.

At 1.32 pm, shares of KBC Global were trading 0.5 percent lower at Rs 2.35 on the NSE.