KBC Global Raises Nearly Rs 100 Crore Through Preferential Issue of Warrants
The company will utilise the proceeds to repay debt.
Photo source: company website
Construction and infrastructure firm KBC Global have raised nearly Rs 100 crore from Falcone Peak Fund, Patanjali Food and Herbal Park and other investors, a statement said on Monday. The company raised around Rs 99.50 crore through an issue of 45.23 crore warrants on a preferential basis to investors, the company said. The company board has approved the issuance of warrants at a price of Rs 2.20 per warrant, it added.
Out of the total issue, Falcone Peak Fund Ltd. will be allotted 26 crore warrants for around Rs 57.2 crore. Patanjali Parivahan Pvt Ltd and Patanjali Food and Herbal Park will be allotted 4.55 crore warrants and Foresight Holding Pvt Ltd is expected to be allotted 2.28 crore warrants, the company said.
Post issue of the warrants, the shareholding of Falcone Peak Fund Ltd. in KBC Global Ltd. is expected to be 8.48%, Patanjali companies around 1.48% and Foresight Holding Pvt Ltd around 1.04% respectively. The warrants shall be converted into equity shares within 18 months of the allotment and receipt of the remaining amount, the company said.
The company will utilise the proceeds to repay debt.
