KEC International bags multiple orders worth ₹1,142 Crore

24 Oct 2024 , 02:42 PM

On Wednesday, October 23, KEC International announced fresh orders worth ₹1,142 Crore across multiple companies.

The company’s transmission and distribution department obtained a 380 kV transmission line project in Saudi Arabia, as well as an order for towers, hardware and poles in the Americas.

KEC International’s railways division received an order to build bridges and other infrastructure for a conventional railway line in India.

Finally, the cable business received orders to deliver various types of cables in India and beyond.

Vimal Kejriwal, KEC International’s MD and CEO, expressed contentment with the company’s steady stream of orders. He said, company’s year-to-date order intake is ₹13,500 Crore, up over 50% from previous year, according to the reports.

On September 26, the business announced the issuance of 91,11,630 equity shares with a face value of ₹2, raising ₹870.16 Crore via a QIP. The company informed the exchanges that the shares were priced at ₹955 each, with a ₹953 premium. 

Kejriwal later stated that the company would spend the majority of the ₹870 Crore raised via QIP to decrease debt and strengthen its balance sheet, with just roughly ₹20-25 Crore designated for general corporate expenses.

At around 12.41 PM, KEC International was trading 1.22% lower at ₹921, against the previous close of ₹932.35 on NSE. The counter touched an intraday high and low of ₹959.90, and ₹919, respectively.

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