McNally Bharat Engineering has entered into an agreement with EMC and Williamson Magor Group (Existing Promoters) to enable an additional equity investment of around Rs 100 crore as primary equity capital into McNally. The Board of the company has approved the proposed investment by EMC in the company. Earlier, MKN Investments, a group company of EMC, had made an equity investment of Rs 50 crore in March 2015 in the company and it holds 12.5% stake in the company.
The capital raising would be done through a preferential allotment of new shares of 10 million shares to EMC at a price of Rs 100 per share. After this preferential issue, EMC group (along with MKN Investments) will hold 29.64% of McNally's expanded equity share capital. In addition, as per SEBI guidelines, there will also be an open offer by ENIC and Williamson Magor Group for up to 26% of equity share capital of the company.
Under an investment agreement entered into by the Existing Promoters, EMC and the Company, McNally would be jointly controlled by the Existing Promoters and EMC, with both parties having equal hoard representation in McNally and its subsidiaries.
McNally Bharat Engineering Company is one of the leading engineering companies. It provides turnkey solutions in areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply etc.
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