Marg Constructions to raise Rs 300cr in overseas markets

Tuesday, December 26, 2006, 12:38 [IST]

New Delhi, Dec 26 (UNI) Marg Constructions Ltd today said it will raise Rs 300 crore through issue of securities in overseas markets.

The company's board has accorded its approval to the fund raising scheme through issue of Global Depository Receipts (GDR), Foreign Currency Convertible Bonds (FCCB) or Qualified Institution Placement.

The board of directors also took note of financial closure of Karaikal Port Project for financial assistance of Rs 303 crore granted to its wholly-owned subsidiary Karaikal Port Pvt Ltd by a consortium of banks and financial institutions.

The in-principle approval received from Ministry of Commerce for establishing two Special Economic Zones (SEZs) in Kancheepuram district in the light engineering sector (including auto ancillary) and services sector on an area of 312 acres and 300 acres respectively was also taken into account by the BoD.

UNI CS RL DB1210

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