JMC Projects wins after board approves fundraising up to Rs 200 cr

JMC Projects (India) rose 1.06% to Rs 99.75 after its board approved a fundraising of up to Rs 200 crore via non-convertible debentures (NCD), based on a private placement.

In an exchange filing, JMC Projects (India), said: The Board of Directors has approved the raising of funds up to Rs 200 crore through the issuance of non-convertible debentures listed, rated, guaranteed / unsecured, reimbursable and non-convertible of the company on a private placement basis, in one or more tranches/series within the borrowing limits approved by the shareholders subject to such statutory and regulatory approvals as may be required under the applicable laws.

The board further authorized the management committee of the company’s board of directors to take necessary actions in this regard, including finalizing the terms of issuance of the NCDs, the company said.

JMC Projects (India) (JMC), a subsidiary of Kalpataru Power Transmission, is one of the leading civil construction and infrastructure EPC companies. JMC has become the market leader in the construction of buildings and factories (B&F), water, urban infrastructure and heavy civil engineering.

The company reported a net profit of Rs 31.33 crore in the quarter ended June 2022 compared to a net loss of Rs 10.15 crore in the previous quarter ended June 2021. Sales increased by 44.01% to reach Rs 1671.64 crore in Q1 FY23 from Q1 FY22.

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