MBL Infrastructures to raise Rs 300 crore, aims to implement resolution plan

Civil engineering major MBL Infrastructures said on Monday that its shareholders have approved an enabling resolution for raising of funds up to Rs 300 crore by way of public issue or private placement, including through a qualified institutions placement.

Civil engineering major MBL Infrastructures said on Monday that its shareholders have approved an enabling resolution for raising of funds up to Rs 300 crore by way of public issue or private placement, including through a qualified institutions placement. The National Company Law Appellate Tribunal (NCLAT) on August 16 had dismissed the appeals filed by some banks and upheld the company's approved resolution plan.

"We are taking steps for implementation of the resolution plan. With completion of several public interest projects, our qualification and bidding capacity has increased," said MBL's Chairman and Managing Director Anjanee Kumar Lakhotia. "We will now focus to bid for selected new projects and try to win bids for four to five large-ticket size projects in near future," he said in a statement.

MBL is engaged in the execution of roads and highways projects on engineering, procurement and construction (EPC) and build, operate, transfer (BOT) basis. (ANI)

Also Read: Shareholders approve HCL Comnet, 3 other subsidiaries' merger scheme with HCL Tech

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)