PTI reported that Nagarjuna Construction has dropped plans to issue warrants to Blackstone GPV Capital Partners (Mauritius) on preferential basis for raising INR 205 crore after it failed to get the regulatory approval to do so.

The company in a filing to the National Stock Exchange said “Nagarjuna was to issue 9.11 million warrants to Blackstone on preferential basis at INR 225 a piece, aggregating to INR 204.99 crore, but did not get Foreign Investment Promotion Board approval for it.”

The filing said “As the FIPB approval was not received, Blackstone GPV Capital Partners (Mauritius) V-H Limited have not subscribed to the warrants. The proposal to issue of the warrants has accordingly been dropped.”

(Sourced from Press Trust of India)