Dilip Buildcon board approves QIP issue of over Rs 510 cr

Infrastructure major Dilip Buildcon said on Tuesday that its board of directors has approved the issue and allotment of 94.45 lakh equity shares at issue price of Rs 540 per unit including a premium of Rs 530 against the floor price of Rs 568.41 share aggregating to more than Rs 510 crore.

The qualified institutions placement (QIP) opened on April 20 and closed on April 26. After the allotment of equity shares in QIP, the paid-up equity share capital of the company stands increased from Rs 13,676 crore to Rs 14,621 crore.

In its draft placement document filed with the bourses, the company had said it intends to use the net proceeds for repayment or prepayment of all or a portion of our borrowings, general corporate purposes and any other matters as may be deemed appropriate by its board.

Bhopal-based Dilip Buildcon is a full-service infrastructure company with construction capabilities in roads and bridges, mining, water station, sewage, dams, irrigation, industrial, commercial and residential buildings with a presence in over 19 states.

It is the largest owner of construction equipment with 12,903 vehicles and an employee base of 37,793.

The company's consolidated net profit jumped 107 per cent to Rs 182 crore on 7 per cent increase in net sales to Rs 2,746 crore in Q3 FY21 over Q3 FY20.

( With inputs from ANI )