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McNally Bharat Engineering raises $7.5M from Tata Capital, others

Kolkata-headquartered McNally Bharat Engineering Company Ltd (MBE), an engineering firm that provides turnkey solutions in the areas of power, steel, aluminium, etc., has raised Rs 41.6 crore ($7.56 million) through non-convertible redeemable preference shares, according to a BSE filing.

The firm has issued shares to Tata Capital Financial Services Ltd (Rs 40 crore), Brijesh Kumar Biyani (1 crore) and Vyana Advisory Pvt Ltd (Rs 60 lakh). It got approval for raising Rs 120 crore funding in December 2012.

Part of the Williamson Magor Group, the company manufactures a wide range of products required for its various projects, through its subsidiary McNally Sayaji Engineering Ltd (MSEL).

MBE, through its another subsidiary MBE Mineral Technology Pte Ltd, had acquired the coal & mineral technology division of KHD Humboldt Wedag, a global leader in coal and mineral processing, back in 2009. MBE also has a third subsidiary – EWB, Hungary.

Last month, MBE procured an order worth Rs 171.84 crore for civil and structural works for a refinery project.

Shares of the company closed at Rs 79.30 a unit, up 2.99 per cent on the BSE in a strong Mumbai market on Wednesday.

(Edited by Sanghamitra Mandal)

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