Shares of Indian multinational company KEC International Limited are showing a rise in early trading today. KEC International, the second-largest manufacturer of electric power transmission towers in India and one of the world’s largest power transmission, engineering, procurement and construction companies, on Wednesday, October 23, said it received new orders worth ₹1,142 crore across various businesses. Are.
The company’s Transmission and Distribution business won an order for a 380 KV transmission line project in Saudi Arabia and an order for supply of towers, hardware and poles in the US. KEC International’s Railway business wins order for construction of bridges and associated works for railway lines in the conventional segment in India. Ultimately, its cable business received orders for supply of various types of cables in India and abroad.
Order intake this year ₹13,500 crore
Vimal Kejriwal, MD and CEO of KEC International, said that the company is happy to receive continuous orders. “With the above orders, our order intake this year stands at ₹13,500 crore, marking a strong growth of over 50 per cent over last year,” he said.
Raised ₹870.16 crore through QIP
On the other hand, on September 26, the company said it has issued 91,11,630 equity shares, each of which has a face value of ₹2, thereby raising ₹870.16 crore through QIP. The company had informed the exchanges that the price of each share was ₹955, including a premium of ₹953 per share.
Kejriwal told CNBC-TV18 that the company will use a major part of the ₹870 crore raised through QIP to reduce debt and strengthen its balance sheet. Only ₹20-25 crore will be allocated for general corporate expenses.
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