KBC Global UK Arm Raises £70 Million for Liberian Port Project

New Delhi, Apr 30 (PTI) Infrastructure firm KBC Global on Wednesday said its UK-based subsidiary Dharan International Ltd will raise nearly 70 million pounds (around Rs 793 crore) to part-finance a port project in Liberia.

The proceeds from the fundraising will be exclusively utilised to finance Dharan International's participation in the Buchanan Port Integrated Industrial Development Project in Liberia, the infrastructure player said in a statement.

The project is a flagship regional maritime and logistics hub being developed in collaboration with the Special Economic Zone Authority of the Republic of Liberia, it said.


Dharan International will raise funds through the issue of equity shares and convertible bonds.

The company plans to raise 64.175 million pounds (around Rs 730 crore) through the issuance of 6.41 crore equity shares to institutional investors, in one or more tranches, along with 5.8 million pounds through the issuance of 58 convertible bonds, the statement said.

"This capital infusion marks a critical step in Dharan International's global growth strategy and reaffirms KBC Global's commitment to unlocking long-term shareholder value through international diversification and infrastructure-led expansion," KBC Global said.

The company, engaged in the business of construction and real estate development, said that it is focusing on turning around business operations with plans to expedite expansion plans and debt reduction in the near future. The company's order book stood at over Rs 260 crore.