Shobhit Uppal, deputy managing director at Ahluwalia Contracts, told NDTV that the company will use the proceeds of the nearly Rs 50 crore preferential issue to retire short-term debt. Promoter holding will now go up to 75 per cent. They have a debt of Rs 180 crore which they are looking to pare to Rs 140 crore by end of this financial year, he adds.
