Blackstone to inject Rs 615 cr in Nagarjuna Construction

New Delhi, Aug 28 (UNI) Nagarjuna Construction Company Ltd today said its board has approved raising about Rs 615 crore (150 million dollars) through a preferential issue of shares and warrants to private equity firm Blackstone.

Its board has accorded its in-principle approval for issue of 20,246,900 equity shares of Rs 2 each at a premium of Rs 200.50 and 9,111,111 warrants of Rs 225 each.

The company will invest the funds in its infrastructure projects and for long-term funding requirements, it said in a statement.

The company also said that it has backlog orders worth Rs 7,455 crore as on June 30, 2007.

It further said it had planned a capital expenditure Rs 169 crore in the current fiscal.

UNI