YD Murthy, executive vice president of finance at NCC says the rights issue will most likely open on September 29, and close on October 7.
NCC is planning a Rs 600 crore (Rs 598.7 crore to be precise) rights issue, allotting 29.93 crore shares at Rs 20 per share. It will issue 7 shares issued on rights basis for every 6 shares held. The company's board has approved raising upto Rs 650 crore in April 2014.
YD Murthy, executive vice president of finance at NCC says the rights issue will most likely open on September 29, and close on October 7.
The funds raised from the company's proposed rights issue will be used to repay its short-term debts, de-stress the balance sheet, raise the company's ratings that can in turn help lower finance cost, says Murthy. At the moment, the company is working with Crisil for its ratings.
NCC has a consolidated debt of Rs 3700 crore. Its debt has been increasing due to an increase in working capital. Murthy says the rights issue will help lower working capital concerns. He adds that post the rights issue, the company's net worth will go up to Rs 3000 crore and debt will come down to Rs 2000 crore from Rs 2,600 crore on a standalone basis. He expects to see debt reduction by this October end or November.
He says at the moment the company has a good order book. He believes NCC will be able to ramp up execution, going ahead.
NCC is looking at multiple ways to pare debt – via stake sale in two of its BOT projects and continued monetization of its land bank.
Stay tuned for more…
NCC stock price
On September 16, 2014, at 14:12 hrs NCC was quoting at Rs 68.30, down Rs 0.75, or 1.09 percent. The 52-week high of the share was Rs 88.90 and the 52-week low was Rs 17.35.
The company's trailing 12-month (TTM) EPS was at Rs 1.05 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 65.05. The latest book value of the company is Rs 98.22 per share. At current value, the price-to-book value of the company is 0.70.
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