Lanco Infratech to raise Rs 727 crore

Lanco Infratech to raise Rs 727 crore Hyderabad-based infrastructure firm, Lanco Infratech, has decided to raise Rs 727.35 crore through issue of shares to Qualified Institutional Buyers on a private placement basis.

The board has already approved to issue over 1.84 crore shares to the institutional buyers at a price of Rs 394.90 a piece on a Qualified Institutions Placement basis. Recently, Lanco Infratech has registered a growth of 96% in its consolidated net profit to Rs 115.85 crore for the first quarter ended June 30, over the corresponding period last year.

Further, its consolidated total income has also grew by more than two-fold to Rs 2232.95 crore during the April-June period of the current financial year from Rs 926.79 crore in the same quarter a year earlier.