KBC Global Ltd has announced plans to raise up to INR 100 crore through an equity share issue, with funds allocated for debt repayment. The company has fulfilled its obligations to Capri Global Capital Ltd, reducing its outstanding balance to INR 13.50 crore. Additionally, a subsidiary has signed an MoU with the Liberia Special Economic Zone Authority for a USD 12.5 million development project and is launching a new project in Deolali, Nashik.
KBC Global Ltd, a prominent player in the construction and infrastructure sector, has recently communicated its plans to raise up to INR 100 crore through an equity share issuance. This strategic move is aimed at enhancing the company's financial position. The board of directors is expected to convene shortly to deliberate on and approve this proposal, which will involve various permissible methods, including preferential allotment and warrants.
The funds generated from this equity issue are earmarked for repaying existing debts, indicating the company's commitment to maintaining a healthy balance sheet and reducing its financial liabilities. As of the end of the financial year, the company had reported total outstanding loans of INR 75.86 crore, which underscores the importance of this capital raise for financial stability.
In a recent development, KBC Global has successfully fulfilled its payment obligations to Capri Global Capital Ltd, effectively resolving a default that had arisen earlier this month. This resolution marks a significant step in the company's efforts to restore its financial standing, with the current outstanding balance owed to Capri Global Capital Ltd now reported to be INR 13.50 crore.
Subsidiary of KBC Global has made strides in international expansion by signing a memorandum of understanding (MoU) with the Liberia Special Economic Zone Authority. This agreement focuses on the construction and development of residential building complexes, low-cost housing, and commercial spaces within the special economic zone, with an estimated investment of USD 12.5 million. This project reflects KBC Global's ambition to diversify its operations and explore new markets.
KBC Global has embarked on a new project in Deolali, Nashik (Maharashtra). This initiative will encompass the construction of six commercial units alongside 22 residential units, contributing to the local economy and addressing housing demands in the area. Through these various efforts, KBC Global is positioning itself for growth and stability in a competitive market.
KBC Global Ltd is taking significant steps to enhance its financial position and expand its operations. The planned equity share issue aims to reduce debt, while the recent agreement with the Liberia Special Economic Zone Authority marks a strategic move towards international development. Furthermore, the launch of new projects in Deolali, Nashik, underscores the company's commitment to meeting local housing needs and driving growth in the construction sector.
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