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PNN
Nashik (Maharashtra) [India] October 22: Patanjali Food and Herbal Park, Falcone Peak Fund (CEIC) Ltd among other investors to invest upto Rs. 99.50 crore through convertible preferential warrants issue in KBC Global Ltd (Previously known as Karda Construction Ltd) BSE - 541161. Board of directors of the company in the meeting held on October 16, 2024 has approved to issue total of 45.23 crore warrants on a preferential basis to non-promoters at Rs. 2.20 per warrants (including a premium of Rs. 1.20 per warrant) aggregating total Rs. 99.50 crore. Each warrant shall be convertible into one equity share of face value of Rs. 1 each fully paid up. The proceeds of the equity issue will be utilize for the repayment of debt. Extra Ordinary General Meeting of the company is scheduled on November 15, 2024 for the same. Out of the total issue of 45.23 crore warrants to be issued, Falcone Peak Fund (CEIC) Ltd is proposed to allot 26 crore warrants, Patanjali Parivahan Pvt Ltd and Patanjali Food and Herbal Park to be allotted 4.55 crore warrants and Foresight Holding Pvt Ltd is expected to be allotted 2.28 crore warrants. Post issue of the warrants, shareholding of Falcone Peak Fund (CEIC) Ltd in KBC Global Ltd is expected to be 8.48%, Patanjali companies around 1.48% and and Foresight Holding Pvt Ltd around 1.04% respectively. Warrants issue is in accordance with the provisions of SEBI (Issue of Capital and Disclosures Requirements) Regulations, 2018 and warrant shall be converted into equity shares of the company within 18 months of the allotment with receipt of the remaining amount. Board of directors also appointed Ms. Muna Makki as an Executive Director of the Company subject to approval of Members. Recently, KBC International Ltd, Ghana drop-down subsidiary of KBC Infrastructure Ltd, UK (Wholly owned subsidiary of KBC Global) has entered to Memorandum of Understanding with Liberia Special Economic Zone Authority for construction and development of residential building complexes, low cost housing and Commercial space in SEZ with estimated cost of USD 12.5 million USD. The project is expected to commence from Q2 2025 and is expected to complete within three calendar years. Liberia Special Economic Zone Authority is entity established by Government of Liberia under Special Economic Zone Act 2017. This is a second prestigious international order received by KBC Global. In June 2024, KBC Global Ltd, through its subsidiary Karda International Infrastructure Ltd, has secured a $20 million civil engineering subcontract in the soft infrastructure segment from CRJE (East Africa) Ltd. CRJE, part of the China Railway Construction Group, has a strong legacy of building railways and five-star hotels across Africa. This contract marks KBC Global's entry into Africa's infrastructure development, positioning the company as a key player in the region's growth. Company has recently commenced a new project in Deolali, Nashik. The project is located at Survey No. 87/2/2B, Plot No. 4, on Jai Bhavani Road has a proposed area of 31,998 sq ft with six commercial and twenty-two residential units on the plot area of 761.32 sq meter. Established in 2007, the company specializes in developing and selling residential and residential-cum-office projects in Nashik, India. Key projects include Hari Gokuldham, Hari Nakshtra-II Eastext Township, and more. The company focuses on residential, commercial, and contractual projects and has announced strategic expansion plans domestically and internationally. On 21st September 2024, company has successfully fulfilled its payment obligation to Capri Global Capital Ltd and has fully regularized the default on September 19, 2024. Furthermore the company also entered into a favourable Memorandum of Understanding (MOU) with Capri Global Capital Limited, securing a waiver of non-financial penal interest. As of today, the outstanding balance with Capri Global Capital Ltd stands at Rs. 13.50 crore. This agreement underscores the strong relationship and trust between both parties, positioning the company for continued growth and stability. This will add more pace to construction activities of projects Hari Vasant, Hari Aakruti Phase II of the company. During the month of September, 2024 the company has successfully handed over possession of 13 units from its projects - Hari Kunj Mayflower - 5, Hari Krishna Phase IV - 4, Hari Vishwa - 1 and Hari Sanskruti Phase II 4. Since April 2024, the company has handed over possession of total 135+ residential and commercial units in Nashik, Maharashtra. This includes 91 units from the Hari Kunj Mayflower project (MAHARERA Reg no: P51600020249) and 28 units from the Hari Krishna Phase IV project, with the rest from other ongoing projects. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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