NCC to open its Rs 600 rights issue on September 29

Infrastructure firm NCC today said that it will open its Rs 600 crore rights issue on September 29 and close on October 17, reported media.

According to NCC's offer document filed with market regulator Securities and Exchange Board of India (Sebi), the company will issue 29.93 crore equity shares of face value of Rs 2 each at Rs 20 per share aggregating to Rs 598.70 crore on rights basis.

The ratio of allotment would be 7:6 (seven shares on rights basis for every six shares held). The issue would be offered at Rs 20 per share (including a share premium of Rs 18 per share).

In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.

ICICI Securities and SBI Capital Markets are lead managers to the issue.