BS Ltd plans to raise $100 million through FCCB

MUMBAI: Hyderabad-based BS Ltd, a leading infrastructure and EPC provider, plans to raise up to $ 100 million through issue of Foreign Currency Convertible Bonds/ GDRs to fund its expansion plans.

"Members of the company have approved proposals to increase the authorised capital to Rs 50 crore. The Board has also cleared the proposal to raise upto $ 100 million through the issue of Foreign Currency Convertible Bonds/ GDRs," BS Group Chairman and Managing Director Rajesh Agarwal told PTI.

The amount will be used to fund expansion plans and growth, he added.

"We are now poised to leverage on our production capacity which will provide substantial benefits of economies of scale and at the same time empowering us to bid for large volume orders.

"Our ability to manufacture and execute 1200 KV transmission line tower, which is the first-of-its-kind in India, empowers us with a niche expertise in the power transmission segment. We expect to be one of the front-runners in bidding for upcoming 1200 KV transmission lines in India in the 12th Five-Year Plan," Agarwal said.

The company, formerly known as BS TransComm Ltd, has managed to cross Rs 1,000 crore turnover mark during the first half of the year (H1 FY2014) with a 21 per cent growth in consolidated revenues amounting to Rs 1,126.43 crore for the period ended September 30, 2013.

Its net profit grew 3.5 per cent to Rs 30.75 crore in H1 FY2014 as compared to H1 FY 13.

The company has also posted a 6.19 per cent growth in consolidated revenues for the quarter ended September 30, 2013 (Q2 FY2014) amounting to Rs 619.50 crore. Net profit dipped 5.4 per cent to Rs 15.5 crore in Q2 FY2014.