US-based private equity fund Blackstone Group has invested $150 million for picking up a 12.5% stake in Hyderabad-based Nagarjuna Construction Company (NCC).
The investment has been routed through its Mauritius subsidiaries. The company will raise the money through a fresh issue of shares and convertible warrants.
The warrants will be redeemable after 18 months as per SEBI guidelines. Blackstone will also have representation on the company's board, said a statement from the company.
"This investment will not only allow us to make additional investments in public-private infrastructure projects, but will also expand our capital base, enabling us to bid for larger projects going forward and strengthening our strategic positioning in the market,'' said A Ranga Raju, managing director of NCC.
Initially, the company is planning to use the money for funding its BOT projects including Machilipatnam port in Andhra Pradesh, 100MW power project in Himachal Pradesh and 280MW project in Sikkim.
NCC is engaged in construction and project activities. The company has six verticals consisting of buildings and housing, transportation, water and environment, electricals, irrigation and real estate.
Of these, three verticals, including buildings and housing, transportation and water and environment together constitute around 75% of the company's revenues.
The investment has been routed through its Mauritius subsidiaries. The company will raise the money through a fresh issue of shares and convertible warrants.
The warrants will be redeemable after 18 months as per SEBI guidelines. Blackstone will also have representation on the company's board, said a statement from the company.
"This investment will not only allow us to make additional investments in public-private infrastructure projects, but will also expand our capital base, enabling us to bid for larger projects going forward and strengthening our strategic positioning in the market,'' said A Ranga Raju, managing director of NCC.
Initially, the company is planning to use the money for funding its BOT projects including Machilipatnam port in Andhra Pradesh, 100MW power project in Himachal Pradesh and 280MW project in Sikkim.
NCC is engaged in construction and project activities. The company has six verticals consisting of buildings and housing, transportation, water and environment, electricals, irrigation and real estate.
Of these, three verticals, including buildings and housing, transportation and water and environment together constitute around 75% of the company's revenues.
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