Nagarjuna Construction to allot warrants to Blackstone
Nagarjuna Construction to allot warrants to Blackstone >The members of Nagarjuna Construction Company, at the extraordinary general meeting (EGM) of the company held on Sep. 24, 2007, decided to issue and allot up to 91,11,111 warrants of Rs 225 each to Blackstone GPV Capital Partners (Mauritius) on preferential allotment basis. Each warrant gives right to the holder to get one equity share of Rs 2 each at a premium of Rs 223 a share aggregating to Rs 2,049,999,975 and conversion shall be made within 18 months from the date of allotment of the warrants. Last month, Global private equity firm, Blackstone Group, announced to acquire 14.5% stake in Hyderabad-based Nagarjuna Constructions (NCC) for USD 150 million (approx. Rs 6.15 billion). The acquisition will be one of the largest-ever foreign investments in the construction sector in India.
Shares of the company gained Rs 13.25 , or 5.52%, to Rs 253.15. The total volume of shares traded were 282,572 at the BSE.(Friday ).
