Kalpatru Power Transmission tgoraise USD 75 million

Mumbai, Apr 1 (UNI) The Rs 565 crore Gujarat-based Kalpataru Power Transmission Limited will, after acquiring the requisite approvals, raise funds through private or restricted institutional placements '' or other models of follow-on offerings.' The company may also go in for a GDR issue or raise funds through the FCCB route, an official release today said, adding that it seeks to raise funds up to USD 75 million, either in foreign currency or equivalent Indian rupees.

The company's Board of Directors have also decided to issue and allot bonus shares in the ratio of 1:1 as held on the record date of April 17, 2006.

The Board also approved the extension of Mr K V Mani's term as Managing Director for a further period of two years till March, 2008, while Mr Shitin Desai, currently the Executive Vice-Chairman, DSP Merrill Lynch, has been appointed as an additional independent director of the company.

Company's tower plant at Gandhinagar, set up as an EOU, has received the ISO 14000 and ISO 9000 certification. Its capacity has been enhanced further by 30,000 MTs per annum, taking the total installed capacity to 84,000 MTs per annum.

The company has also increased its stake to around 49.9 per cent in JMC Projects India Ltd, a civil contracting company with a strong presence in factories and building, roads and bridges, by acquiring a further 1.3 per cent (1,50,000 shares) from open market purchases in March of this year.

The company is expecting to cross Rs 800 crore in revenues for the year ended March 31, 2006, the release added.

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