Electric transmission tower maker KEC International Ltd. has approved a plan to raise up to Rs 6,000 crore through qualified institutional placement and issuance of non-convertible debentures.
As part of the plan, the company will raise Rs 4,500 crore through qualified institutional placement by issuing equity or other equity-based instruments, it said in an exchange filing. It will also issue non-convertible debentures worth Rs 1,500 crore through private placement in one or more tranches.
The fundraise is subject to the overall borrowing limit approved by its shareholders. The company has also set up a committee to take necessary steps for the fund raise.
KEC International has also agreed to transfer its cables business to a subsidiary. It will create a subsidiary to enable this process.
KEC International Q1 FY25 Earnings
The company's net profit for the quarter-ended June more than doubled to Rs 88 crore over a year ago.
Revenue rose 6.3% year-on-year to Rs 4,512 crore. Operating income—or earnings before interest, taxes, depreciation, and amortisation—increased 10.6% to Rs 270 crore, while Ebitda margin was at 6%.
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