The Hindu Business Line : NCC board okays pref offer

HYDERABAD: The board of directors of Nagarjuna Construction Company Ltd (NCC)at its meeting held here on Wednesday has, in principle, approved a proposal to issue three million equity shares to select investors on preferential allotment basis at a price of Rs 278 per share, the price determined as per applicable SEBI guidelines.

In a communication to stock exchanges, the company said its board has also accorded its in principle approval for the issue of one million share warrants on preferential allotment basis at a price of Rs 278 per warrant to the promoters and other select investors.

Further, the NCC board has also approved the issue of 3-lakh Options to the employees under the Employee Stock Option Plan. To obtain approvals of shareholders for these proposals, the company has decided to convene an extraordinary general meeting on November 16.

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