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Blackstone to invest in Nagarjuna Construction
Special Correspondent
HYDERABAD: Nagarjuna Construction Company (NCC) on Tuesday announced that it would raise $150 million (Rs. 615 crore) through a fresh issue of shares and convertible warrants to Blackstone Group Funds, a global alternative asset manager.
Consequently, Blackstone would have representation on the board of NCC. NCC’s Senior Vice-President (Finance), Y. D. Murthy, said that of the total investment, $100 million (about Rs. 410 crore) would be equity shares and the remaining $50 million (Rs. 205 crore) would be warrants. Blackstone would be allotted 2.02 crore equity shares of Rs. 2 each at a premium of Rs. 200.50 (equivalent to about $100 million) and 91.11 lakh warrants (with an exercise period of 18 months) of Rs. 225 per warrant, with each warrant convertible into one equity share of Rs. 2 each at a premium of Rs. 223 (equivalent to about $50 million).
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