US based Minerva Ventures Fund has picked up a stake in KBC Global Ltd, a prominent player in the construction and real estate development sector. As per bulk deal data available on National Stock Exchange on 26 April 2024, Minerva Ventures Fund has bought 1% Equity (1 crore shares) of KBC Global Ltd at Rs. 2.05 per share. In the month of April 2024, board of directors considered and approved conversion of total 60 bonds into equity shares as per the terms and conditions of the issue of FCCB.
To support its expansion efforts, the company has successfully raised funds through the issuance of 950 foreign currency convertible bonds, each valued at US$ 100,000. These bonds are listed on the AFRINEX Securities List of AFRINEX Limited, Mauritius, effective January 17, 2023. In a recent development, the Board of Directors of the company in their meeting held on March 29, 2024, approved the revised term sheet for the funds borrowed amounting to US$ 95,000,000.00 through the issuance and allotment of 950 Unsecured Foreign Currency Convertible Bonds on November 21, 2022. In the financial year 2022-2023, Karda Construction Limited reported revenues of Rs. 10,818.56 Lakhs.
Commenting on the company's growth trajectory, Mr. Naresh Karda, Chairman and Managing Director, KBC Global Ltd stated, "We are excited about the opportunities that lie ahead in both domestic and international markets. Our strategic initiatives, robust portfolio of projects and a clear focus on expansion, Karda Construction Limited is poised to emerge as a key player in the global real estate landscape."
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