PNN
Nashik (Maharashtra) [India], April 3: The Board of Directors of Nashik-based KBC Global Ltd, BSE - 541161, engaged in the business of construction and real estate development, in the meeting held on March 28, has fixed April 4th as the record date to determine eligible shareholders entitled to receive bonus shares. Company on 15 February has approved Bonus issue in the ratio of 1:1 (one bonus equity share for every one fully paid equity share of Rs. 1 each) and was later approved in the extra ordinary general meeting on 27 March.
Highlights:
* The order book of the company is over Rs. 260 crore. Market capitalisation stands at Rs. 266 crore.
* The Patanjali Food & Herbal Park, Falcone Peak Fund, among others, to invest up to Rs. 99.50 crore in KBC Global Ltd through preferential warrants
* The company board approved issue of 45.23 crore convertible warrants on a preferential basis at Rs. 2.20 per share; Proceeds will be utilised for the repayment of debt
* KBC International Ltd, Ghana, recently signed an MOU with the 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.
* The company has entered into an MOU with Capri Global Capital Ltd, securing a waiver of non-financial penal interest. Successfully fulfilled payment obligation to Capri Global Capital Ltd
* The company aims to turn around Business Operations, expediting expansion plans and debt reduction
* The Board also approved renaming KBC Global Limited to Dharan Infra-EPC Ltd
The company aims to turn around business operations with plans to expedite expansion plans and debt reduction in the near future. The order book of the company is over Rs. 260 crore. Market capitalisation stands at Rs. 266 crore. The Board of Directors in the extraordinary general meeting held on 22nd March 2025 has approved a proposal to increase authorized capital and proposed renaming KBC Global Ltd to Dharan Infra-EPC Ltd or another name approved by the ROC. The company also approved the appointment of Mr. Naresh Karda as chairperson of KBC Infrastructure Ltd, a UK-based wholly owned subsidiary.
In the EGM held on 22nd March, the company also appointed Mr. Narendra Singh Kharayat (DIN: 06785552) and Ms. Anoushka Lutchmee Nunkoo (DIN: 10729433) as Non-Executive Independent directors of the company. Mrs. Lea Colcol Bonaga (DIN: 10742337) and Mrs. Nabila Hadia Hawail (DIN: 10803351) are appointed as Directors of the Company, who have been appointed as Additional Executive Directors.
A Senior company official stated, "The bonus share issue, alongside the strategic capital restructuring and upcoming rebranding, reflects our commitment to long-term value creation. We are restructuring our operations, revitalizing our balance sheet, and aligning our brand to a more aggressive infra growth narrative."
The Bonus Equity Shares will be issued from the company's permissible reserves, including Free Reserves, Securities Premium Account, and Capital Redemption Reserve, as of March 31, 2024. A total of Rs. 261.43 crore will be utilized for the Bonus Issue, with shares credited within 60 days of Board approval. The company's share capital as on date stands at Rs. 261.43 crore, consisting of an equal number of equity shares of Rs. 1 each, which will increase to Rs. 522.87 crore post the bonus issue. The company will announce the "Record Date" for Bonus Share eligibility in due course, as per SEBI Regulation 30 (2015).
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.
Recently, 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 the company. 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.
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.
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