Untitled Document
Excon, Excon 2011 Biggest Construction Equipment Trade fair India.
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www.epcworld.in
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Power Energy |
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| 10/22/2009 02:30:00 PM |
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Mumbai, Oct (EPC News): Patel Engineering Ltd, a construction company specialized in hydro power generation and irrigation said that the company has raised Rs344.32 crore through the fresh issue of shares to qualified institutional buyers (QIPs) at the price of Rs477.03 per share. |
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The board of directors at their meeting held on October 21 had decided to close the issue by allotting 72.18 lakh shares, Patel Engineering said in a filing to the Bombay Stock Exchange.
"The funds raised would be used for various expansion plans of the company, its subsidiaries, joint ventures and other corporate bodies where the company may hold a stake, meet long-term working capital requirements, repay debts and for any other permissible uses," said Rupen Patel, Managing Director, Patel Engineering.
Meanwhile the company is also scaling up its asset ownership business in power and real estate. It has a land bank of over 1,100 acres in various states. In power sector the company is in process of setting up a 1,320 MW thermal power plant at Nagapatnam district in Tamil Nadu and 90 MW hydro power project at Gongri, Arunachal Pradesh.
EPC News Bureau
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