Bennett Coleman picks up stake in MARG Constructions Ltd

New Delhi, Oct 17 (UNI) The Board of Directors of MARG Constructions Ltd has recommended the issue of two lakh equity shares of Rs 10 each on a preferential basis to Bennett Coleman&Company Ltd.

MARG Constructions have allotted the share at a price of Rs 245 each including the premium of Rs 235 per share. The company has received Rs 4.90 crore through this allotment.

The board has allotted 2,61,390 equity shares upon conversion of 148 FCCBs and 14.7 lakh equity shares upon conversion of warrants. Out of the latter, 12.2 lakh shares were allotted to promoters and 2.5 lakh shares to non-promoters.

MARG Constructions is a leading infrastructure and realty development company in India. Established in 1994, it is listed on the Bombay Stock Exchange, Madras Stock Exchange and the Luxembourg Stock Exchanges.

With over 200 employees, the company pioneered Infrastructure Development on the Chennai IT Corridor. MARG's prestigious clientele includes market leaders as Standard Chartered Bank (Scope International), Tata Consultancy Services, Satyam Computer Services, BHEL, Enercon India and Slash Support Systems.

The company's business roadmap encompasses development of SEZs, ports, townships, IT parks, malls, airports, hotels, apartments, resorts, and roads.

UNI