NCC extends gain on receiving approval to raise up to Rs 650 crore

NCC is currently trading at Rs. 47.60, up by 2.10 points or 4.62% from its previous closing of Rs. 45.50 on the BSE. The scrip opened at Rs. 45.00 and has touched a high and low of Rs. 48.80 and Rs. 44.65 respectively. So far 4,65,000 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 48.90 on 10-Apr-2014 and a 52 week low of Rs. 16.55 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 48.90 and Rs. 36.20 respectively. The current market cap of the company is Rs. 1,221.00 crore. The promoters holding in the company stood at 20.41% while Institutions and Non-Institutions held 44.34% and 35.23% respectively. NCC has received an approval for raising of funds up to an amount of Rs 650 crore through Rights Issue of equity shares to the existing members of the company. The board of directors at its meeting held on April 09, 2014 has approved for the same subject to the requisite statutory & regulatory approvals. The terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the Rights Issue and other related matters shall be decided subsequently by the board / a duly constituted Committee of the board in consultation with the lead managers to the Rights Issue. Further, the board had also accorded in-principle approval for increasing the authorized share capital from Rs 60 crore to Rs 150 crore. NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.