NCC Infra may dilute equity to raise funds for K''ptnam project

Hyderabad, Feb 27 (PTI) NCC Infrastructure HoldingsLimited, a wholly-owned subsidiary of Nagarjuna ConstructionCompany Ltd, may go for equity dilution to raise fund for itsKrishnapatnam power project, a senior company official saidtoday.

Y Dakshina Murthy, executive vice president (finance) ofNCC, however, did not specify what percentage of equity willbe diluted to raise how much.

The NCC Infra, which has five road and three powerprojects under its belt may go for equity dilution in the nextsix to nine months.

The company has already invested Rs 150 crore in theproject so far and another Rs 100 crore will be investedbefore the end of this fiscal to complete the procedure thatwould enable the company go for financial closure.

"Major fund requirement is for Krishnapatnam powerproject. It requires an equity of Rs 1,800 crore. We have 55per cent share and require Rs 950 crore. For financial closurewe require Rs 250 crore. We have already put in Rs 150 crore.

Another Rs 100 crore will be invested by the end of thisfiscal. For balance requirement we are looking at possibleequity dilution," YD Murthy told reports in a pressconference. (More) PTI GDKVKV