KBC Global, a construction and real estate development company, will issue bonus shares in the ratio of 1:1, subject to shareholders approval.
The Board of Directors has also approved a proposal to increase authorised capital and proposed renaming KBC Global to Dharan Infra-EPC or another name approved by the Registrar of Companies.
The company has also appointed Naresh Karda as chairman of its UK subsidiary KBC Infrastructure.
The company has an order book of over ₹260 crore and market capitalisation of ₹290 crore.
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It will issue shares worth ₹261 crore as bonus shares which will be credited in 60 days. The company’s share capital will double to ₹523 crore post the bonus issue.
The company will announce the “Record Date” for Bonus Share eligibility in due course.
Recently, Patanjali Food and Herbal Park, Falcone Peak Fund had invested up to ₹99.50 crore through convertible preferential warrants issue in the company.
It had issued 45.23 crore warrants on a preferential basis to non-promoters at ₹2.20 per warrant aggregating to ₹99.50 crore.
Each warrant will be converted into one equity share with a face value of ₹1 each fully paid up. The proceeds of the equity issue will be used for the repayment of debt.