Blackstone investment in NCCL okayed

Hyderabad: Decks were cleared for the Blackstone Group's Rs 615 crore investment in Nagarjuna Construction Company Ltd (NCCL) after the EGM of the company held on Monday approved the decision. Accordingly, NCCL will issue 2.02 crore equity shares of Rs 2 each at a premium of Rs 200.50 and 91.11 crore warrants of Rs 225 a warrant. Each warrant is convertible into one equity share of Rs 2 each at a premium of Rs 223. The proposal to enhance overall strength of the board from 15 to 18 directors and consequential amendment to the articles of association of the company was also approved, according to a statement. The issue would be made to Blackstone GPV Capital Partners Mauritius V-A Ltd, Blackstone GPV Capital Partners (Mauritius) V-H Ltd, and Blackstone FP Capital Partners (Mauritius) V FII Ltd. The company would use the proceeds of preferential offer primarily to fund build-operate-transfer projects.-Our Bureau