The Nagarjuna Construction has raised over Rs. 367 crore by placement of shares with institutional investors, an official spokesperson said, adding that the company has allotted over 2.77 crore shares at Rs. 132.46 a piece in pursuant to the completion of the qualified institutional placement (QIP).

The issue proceeds would be utilized for retirement of short term debt and for investment in infrastructure projects such as road and power. The company has received bids from 25 investors for allotment of 5.01 crore shares, resulting in over subscription of 1.8 times, the spokesperson added.