Marg raises Rs106.93 crore through QIP
Marg Ltd has raised Rs106.93 crore through qualified institutions placement (QIP). The QIP of Marg Limited (“Marg”/”Company”), which opened on 26 April, 2010 was closed on 28 April 2010.
Pursuant to this, the Committee of Board of Directors of Company approved the issue of Equity Shares of the Company of face value of Rs 10 each to the Qualified Institutional Buyers (“QIBs”) at an offer price of Rs. 189.88 per equity share (including a premium of Rs.179.88 per equity share) which would result in the issue of 56,31,648 equity shares (the “Equity Shares”) aggregating Rs.106.93 crore.
The Company intends to use the net proceeds of Issue, amongst other things to strengthen its capital base, fund its projects, working capital and other Developmental purposes. Marg is an infrastructure and real estate development and service company.
Marg, itself and through its subsidiaries is into marine construction, power, Air-ports and Industrial Clusters. Marg has already commissioned its Phase-I Port operations at Karaikal Port, in Puducherry through its subsidiary namely, Karaikal Port Private Limited in April 2009. The Phase-II A is currently in progress and the same is scheduled to be completed during the FY 2011-12.
Marg Limited, through a wholly owned subsidiary named New Chennai Township Private Limited, under the brand name of Marg Swarnabhoomi has undertaken the setting up of two SEZs, one for Light Engineering services and another for Multi-services. The Company provides Turnkey solutions and caters both Green-field and Brown-field projects.