Marg Const to raise Rs 300cr in overseas markets

New Delhi, Dec 26: Marg Constructions Ltd today said it will raiseRs 300 crore through issue of securities in overseas markets.

The company's board has accorded its approval to the fund raisingscheme through issue of Global Depository Receipts (GDR), ForeignCurrency Convertible Bonds (FCCB) or Qualified Institution Placement.

The board of directors also took note of financial closure ofKaraikal Port Project for financial assistance of Rs 303 crore grantedto its wholly-owned subsidiary Karaikal Port Pvt Ltd by a consortium ofbanks and financial institutions.

The in-principle approval received from Ministry of Commerce forestablishing two Special Economic Zones (SEZs) in Kancheepuram districtin the light engineering sector (including auto ancillary) and servicessector on an area of 312 acres and 300 acres respectively was alsotaken into account by the BoD.

UNI