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

HYDERABAD: NCC Infrastructure Holdings Limited, a wholly-owned subsidiary of Nagarjuna Construction Company Ltd, may go for equity dilution to raise fund for its Krishnapatnam power project, a senior company official said today.

Y Dakshina Murthy, executive vice president (finance) of NCC, however, did not specify what per centage of equity will be diluted to raise how much.

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

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

"Major fund requirement is for Krishnapatnam power project. It requires an equity of Rs 1,800 crore. We have 55 per cent share and require Rs 950 crore. For financial closure we require Rs 250 crore. We have already put in Rs 150 crore. Another Rs 100 crore will be invested by the end of this fiscal. For balance requirement we are looking at possible equity dilution," YD Murthy told reports in a press conference.