PNN
Nashik (Maharashtra) [India], May 10: US based Minerva Ventures Fund has picked up 2 per cent equity stake - buying 2 crore shares in KBC Global Ltd ( Previously known as Karda Construction Limited ) BSE - 541161, a prominent player in the construction and real estate development sector.
As per bulk deal data available, Minerva Ventures Fund has bought 1 per cent Equity (1 crore shares) of KBC Global Ltd at Rs. 2.05 per share on 26 April 2024 on National Stock Exchange. The fund again bough 1 per cent Equity (1 crore shares) of KBC Global Ltd at Rs. 2.10 per share on 30 April 2024. The fund bought total 2 per cent equity shares of KBC Global Ltd investing total of Rs. 4.15 crore.
The company has also announced a strategic plan for expansion in both domestic and international markets. On the occasion of Gudi Padwa, the company has successfully handed over possession of 54 units of the project Hari Kunj Mayflower (MAHARERA Reg no : P51600020249), a residential cum commercial project situated at Karmayogi Nagar, Nashik ,Maharashtra.
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.
Established in 2007, company has made significant strides in the real estate industry, specializing in the development and sale of residential and residential-cum-office projects in Nashik, India. The company operates primarily in two segments: construction and development of residential and commercial projects, and contractual projects. Notable projects of the company include Hari Gokuldham, Hari Nakshtra-ll Eastext Township, Hari Sanskruti ll, Hari Siddhi, and Hari Samarth, among others.
Commenting on the company's growth trajectory, 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."
The real estate sector is poised for continued growth, driven by factors such as supply and demand dynamics, regulatory frameworks, and overall economic conditions. Government initiatives like "Housing for All" and the Pradhan Mantri Awas Yojana further underscore the growth potential in the industry. Additionally, infrastructure megaprojects such as highways, airports, and metros are contributing to the expansion of the real estate market.
Furthermore, KBC International Limited, a step-down subsidiary of KBC Global Limited and a wholly-owned subsidiary of KBC Global FZCO, has signed a Memorandum of Intent with the Federal Housing Authority (FHA) in the Republic of Nigeria. The agreement signifies KBC International Limited's interest in partnering with FHA as an Engineering Procurement and Financing contractor for the development of low-cost housing projects in Africa, marking the company's foray into the international real estate market.
To support its expansion efforts, 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.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)