Era const to consider raising funds from intl mkt on Dec 13

New Delhi, Nov 13 (UNI) Era Constructions India Ltd today said it would convene an extra-ordinary general meeting on December 13 to consider raising funds from international market by way of issue of GDRs/ADRs/FCCBs or otherwise.

The issue will increase the company's borrowing limit up to Rs 2,000 crore, a statement said.

The company had reported a jump in net profits at Rs 16.37 crore for the quarter ended September 30 as compared with Rs 3.98 crore for the corresponding period last year.

Its sales also increased to Rs 161.27 crore for the quarter ended September 30 as compared to Rs 69.98 crore for the corresponding period last year.

The company is aiming at backward integration by setting up a plant for making pre-engineered building material that will be initiated through a separate entity, so as to retain the tax benefits available for construction companies.

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