Shares of Kalpataru Power Transmission (KPTL) rallied nearly 9 per cent to an intra-day high of Rs 566 per share on the BSE on Friday as the company’s board approved a fund raise plan.
In a filing on Thursday, the company said its board has approved raising Rs 99 crore via the issuance of non-convertible debentures (NCDs).
“The executive committee of the board of directors has approved the issuance of listed, rated, unsecured, redeemable, taxable, NCDs of Rs 99 crore on private placement basis,” it said.
The stock has surged over 12 per cent in the last two session after the announcement. At the time of writing this report, it was off the day’s high, trading 6 per cent up.
A total of 990 NCDs of face value of Rs 10 lakh each will be issued at a coupon rate of 8.46 per cent under the fundraising plan.
KPTL is a leading engineering, procurement, and construction (EPC) companies engaged in major infrastructure segments like power transmission and distribution, oil and gas, and railways.
KPTL’s oil & gas business includes providing EPC contracting services for cross-country pipelines, terminals and gas gathering stations across diverse territories.
Its railway vertical provides railways EPC services for executing civil infrastructure, track laying, signaling & telecommunication and over-head electrification projects.
The company also undertakes power transmission projects on build, operate, own, and maintain (BOOM) model.
