IVRCL plans to raise Rs 300 crore to fund projects in FY15

HYDERABAD: IVRCL is planning to raise up to Rs 300 crore in two tranches to fund projects during 2014-15, chairman and managing director E Sudhir Reddy said. The company's board, which met on Friday to review its financial results for the fourth quarter and 2013-14, has approved the proposal to raise this amount, he told ET.

The money will be raised through either a rights issue, preferential allotment or institutional placement. IVRCL’s consolidated loss widened to Rs 853 crore in 2013-14 from Rs 240 crore, in the previous fiscal.

During this period its turnover grew by 10% at Rs 4,945 crore from Rs 4,495 crore in 2012-13. For the fourth quarter ended March 2014, the company’s standalone turnover was at Rs 1,217 crore, against last year’s Rs 1,494 crore and loss stood at Rs 328 crore, against last year’s net profit of Rs 23 crore.