7 Mar, 2008, 0140 hrs IST,Rajat Guha & Nirbhay Kumar, TNN
Blackstone had bought 9% stake in Nagarjuna Construction in July 2007. The Hyderabad-based company raised $180 million (Rs 730 crore) through the sale of fresh shares to financial institutions.
“Blackstone has told us that they have got the FIPB approval for investing $50 million in Nagarjuna. We would issue convertible warrants to Blackstone in lieu of investments and once these warrants turn into shares, their total holding in Nagarjuna would go up to 12.2%,” Nagarjuna Construction vice-president (finance) YD Murthy said.
In March 2007, the company had informed BSE that it would be doing a placement to institutional shareholders at a premium of Rs 215 per share of Rs 2 paid-up value. The company had simultaneously taken the approval of shareholders for an issue of 25 lakh warrants to an investment company, AVSR Holdings, belonging to the promoters, also at the same price of Rs 217.
At the end of March 2007, the foreign fund holding in the company stood at 30.2%. The promoters hold 24.5% stake in the company. Nagarjuna Construction announced that it has secured three new orders aggregating Rs 424 crore. All these projects which include a Rs 266-crore order to construct a sewage system in
Private equity firms such as 3i, ICICI Venture, IDFC and Blackstone are betting big on infra projects and plan to either directly partner developers by jointly bidding for the projects or pick up stake in infrastructure companies.
“We are raising $5 billion in the next 12 months alone, a substantial part of which would go to infrastructure sector, including highways,” ICICI Venture director (investments) Shailesh Pathak said.
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