Kalpataru projects shares surge on fundraising plan approval

6 Jun 2024 , 01:45 PM

Shares of Kalpataru Projects International Limited (KPIL) surged by 6.81%, reaching an intraday high of ₹1181  on Thursday. The rally followed the announcement that the company’s board will meet on June 10 to approve raising funds through the issuance of Non-Convertible Debentures (NCDs) on a private placement basis.

Kalpataru Projects stated in an exchange filing that the Executive Committee of the Board of Directors will consider and approve the NCDs issuance, pending necessary approvals.

Established in 1981, KPIL is one of India’s largest engineering and construction firms, specializing in power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, urban infrastructure, highways, and airports.

KPIL operates in over 30 countries and executes projects across 70 nations, leveraging strong organizational capabilities, advanced technical expertise, and a commitment to sustainability.

In Q4FY24, Kalpataru Projects International reported a 21% increase in profit to ₹169 crore, up from ₹140 crore in Q4FY23, driven by higher revenues. The company’s total income for Q4FY24 was ₹5,991 crore, compared to ₹4,896 crore in Q4FY23. The board recommended a final dividend of ₹8 per equity share for the financial year 2024.

Kalpataru Projects has a market capitalization of ₹18,996.45 crore, according to the Bombay Stock Exchange (BSE).

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