Board to meet on 16 October to approve the fund-raising proposal; Issue Proceeds to be utilized the repayment of debts
Nashik (Maharashtra) [India], October 17: KBC Global Ltd (Previously known as Karda Construction Ltd) BSE – 541161, in the business of construction and real estate development is planning to raise upto Rs. 100 crore by way of equity issue. Meeting of Board of directors of the company is scheduled to be held on October 16, 2024 to consider and approve the fund raising proposal. Company is exploring preferential allotment, warrants and other permissible mode or combination thereof in one or more tranches as decided in the board meeting subject to the approval of shareholders and regulatory authorities. The proceeds of the equity issue will be utilize for the repayment of debt.
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.
Highlights:
- KBC International Ltd, Ghana recently signed MOU with Liberia SEZ Authority for $12.5 Million residential, commercial, and low-cost housing projects
- In June 2024, KBC Global Ltd’s subsidiary, Karda International Infrastructure Ltd, secured a $20 million subcontract in civil engineering for soft infrastructure from CRJE (East Africa) Ltd.
- Company has entered into MOU with Capri Global Capital Ltd, securing a waiver of non-financial penal interest. Successfully fulfilled payment obligation to Capri Global Capital Ltd
- Company has commenced a new project in Deolali, Nashik with 6 commercial and 22 residential units
- Company has appointed Mr. Muthusubramanian Hariharan, as Executive Director and CEO
- Company has handed over possession for over 135+ residential and commercial units since April 2024.
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.
The Board approved the appointment of Mr. Muthusubramanian Hariharan as Executive Director and CEO, effective July 09, 2024. He will serve until the next general meeting. Mr. Hariharan will lead global business development, execute the company’s strategic plan, and oversee its vision, mission, and objectives.
