Chennai (Tamil Nadu) [India], July 11 (ANI): Engineering services provider Shriram EPC is raising Rs 250 crore from Markab Capital, a Middle East focused multi-family office and merchant bank.
The fund-raising will be in the form of allotment of equity shares by way of a preferential issue.
Shriram EPC said its board of directors has authorised the management to proceed with the necessary discussions and actions to proceed with this transaction.
Markab Capital has about one billion dollars of assets under management and significant experience in investments in engineering, procurement and construction companies as well as telecom and real estate.
It also provides traditional financial advice and capital raising solutions to corporate clients in connection with recapitalisations, mergers and acquisitions, restructuring and other strategic transactions.
Shriram EPC has business interests in process and metallurgy, power, water infrastructure, and mining and mineral processing.
In 2019-20, it reported a net loss of Rs 77 crore as against a net profit of Rs 31 crore during the previous year ended March 2019.