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Mumbai-based J Kumar Infraprojects raises $23M through QIP

J Kumar Infraprojects Ltd (JKIL), a civil engineering and construction company, has raised Rs 137 crore ($22.8 million) through qualified institutional placement (QIP), the company said in a release.

It issued 44,25,000 equity shares at a price of Rs 309.98, aggregating to Rs 137.16 crore.

The construction firm will use the funding capital expenditure, meeting working capital requirements and for general corporate purposes.

Post issue the promoters holding came down to 51.04 per cent from 59.16 per cent as on June 30, 2014.

Anand Rathi Advisors Ltd and Edelweiss Financial Services Ltd acted as the global co-ordinators and book running lead managers on this issue.

Founded in 1980, J Kumar Infraprojects primary focuses on transportation engineering, civil construction and irrigation works. The company has a presence in Maharashtra, Rajasthan, Delhi and Gujarat. 

It has completed more than 75 projects and currently has over 40 ongoing projects with an order book of Rs 3,140.91 crore as on March 31, 2014.

For the year ended on March 31, 2014, J Kumar Infraprojects clocked revenues of Rs 1,187 crore and net profit of Rs 84.05 crore, sporting 18 per cent and 11 per cent rise respectively, over the year-ago period.

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