KBC Global Approves Bonus Issue, Aims to Reduce Debt and Turnaround Business

New Delhi, Feb 17 (PTI) Nashik-based KBC Global on Monday said its board has approved a bonus share issue of one new share for every share held by shareholders and a proposal to change the company name to Dharan Infra-EPC Ltd.

The company also said that it looks to reduce debt in the near future and expedite expansion plans to turn around business operations.

The board of directors in the meeting held on Friday “approved the bonus issue in the ratio of 1:1 subject to approval of the shareholders of the company”, the company statement said.

The board also approved a proposal to increase authorized capital and proposed renaming KBC Global Ltd to Dharan Infra-EPC Ltd or another name approved by the ROC.

The company said its order book stood at over Rs 260 crore.

Recently, Patanjali Food and Herbal Park and Falcone Peak Fund (CEIC) Ltd, among others, invested Rs 99.50 crore in the company and the proceeds will be utilized for the repayment of debt, it said.

The company also announced the appointment of Naresh Karda as Chairperson of KBC Infrastructure Limited, UK-based wholly owned subsidiary.