Blackstone to invest in Nagarjuna Constructions

The board of Nagarjuna Construction Company has accorded its in-principle approval for issue of 20,246,900 equity shares of Rs 2 each at a premium of Rs 200.50 and 9,111,111 warrants of Rs 225 per warrant each warrant convertible into one equity share of Rs 2 each at a premium of Rs 223 together aggregating to around Rs 615 crore to Blackstone GPV Capital Partners Mauritius V-A , Blackstone GPV Capital Partners (Mauritius) V-H and Blackstone FP Capital Partners (Mauritius) V FII, belonging to the blackstone group of USA.

The amounts being raised by the company out of the aforesaid preferential offer are proposed to be used for the purpose of investing in the BOT projects and other infrastructure projects being developed by the company as well as through its subsidiaries and associates, for meeting the working capital and other long term funding needs of the company.

An extraordinary general meeting of the members of the company is being convened on 24 September 2007 for obtaining the approval of the members of the company in respect of aforesaid issue of shares and warrants on preferential basis.