Bhopal-headquartered engineering, procurement and construction (EPC) company Dilip Buildcon Ltd (DBL) is to raise INR 2,000 crore from Naresh Korthari-led Alpha Alternatives Group through a warrants and InvIT route over 12-18 months.
As part of the deal, Alpha and its associate entities will pick up a 10% stake in Dilip Buildcon via warrants at INR 328.05 per warrant. This will translate into an infusion of INR 530 crore into the company. Separately, Alpha will also pick up a 26% stake in 18 road assets under the InvIT route. The remaining 74% stake will be held by DBL.
Dilip Buildcon expects Alpha to bring in INR 700-800 crore capital through warrants and InvIT during FY2024 and the remaining INR 1,200-1,300 crore in FY2025. The firm would use the proceeds to deduce debt.
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