Rs. 160 cr rights issue approved for JMC Projects

Board of Directors of civil contractor JMC Projects has approved rights issue worth upto Rs. 160 crore, by issue of shares to existing shareholders. While the terms of the rights issue including rights entitlement ratio, issue price, issue size, book closure or record date, timing of the issue etc will be decided shortly, the stock has reacted positively, and is up 3% at Rs. 205 per share, in a flat market, Friday afternoon.  

On equity of Rs. 26 crore (face value Rs. 10 each), company’s current market cap stands at Rs. 535 crore. Of this, promoter holding is 67.19% and institutional holding is 9.64%, as of 30-6-15, mainly comprising of DIIs.

For FY15, company reported consolidated total income of Rs. 2,470 crore and net loss of Rs. 24 crore. Q1FY16 standalone total income stood at Rs. 583 crore and net profit of Rs. 6 crore, leading to EPS of Rs. 2.43 for the first quarter.