Marg Const to raise Rs 300 cr to fund projects

New Delhi, Dec 28: Leading construction company Marg Constructions Ltd plans to raise capital worth Rs 300 crore for funding its future projects by issue of convertible securities in overseas markets.

The company has received an in-principle approval from Ministry of Commerce for establishing two Special Economic Zones (SEZs) in Kancheepuram district near Mahabalipuram in the light engineering sector (including auto ancillary) and services sector, in an area of 312 acres and 300 acres respectively, a company statement said.

In addition, Marg Business Park Private Ltd, a wholly-owned subsidiary of the company has entered into an agreement with Oakwood Asia Pacific Ltd to set up service apartment at Kazhipattur, near Chennai.

The company's board also reviewed the progress for acquiring land for proposed Special Economic Zone (SEZ) at Tirupati, Andhra Pradesh.

''Looking at the pace at which we are expanding, we have decided to raise an additional capital of Rs 300 crore by issue of global depository receipts and foreign currency convertible bonds to fund the new projects that we will be venturing into,'' company Managing Director GRK Reddy said.

UNI