Patel Engineering to Reduce Debt with Rights Issue

Patel Engineering, a company that builds infrastructure like dams and tunnels, is planning to raise ₹500 crore from its shareholders to pay off some of its debts.

This money will mostly go towards reducing their debt, which will help them save on interest payments and have more money for their daily operations.

They also have a lot of projects in the pipeline, worth ₹15,000 crore, and they've bid for even more projects worth ₹34,000 crore.

To make sure they have enough money in the future, they're also planning to sell some land they own in Hyderabad and Bengaluru.

This will help them be in a better financial position when India starts spending more on infrastructure.