Jaiprakash Associates, one of the leading provider of civil engineering and construction services in the country, has informed that its Board of Directors has decided to raise a sum of approximately Rs 1800 crore through a Rights Issue.

Through the right issue, the company intends to meet the company's requirements of funds for capex and other general corporate purposes, including investments, instead of issuing further warrants to the promoters on a preferential basis.

In a separate release, the company has announced its Q2 result. The Company has registered a net profit of Rs 203.13 crore for the quarter ended September 30, 2008, which indicates a 96% growth over the corresponding period a year-ago.

The company had posted a net profit of Rs 103.62 crore in the quarter ended September 30, 2007.

The total income rose to Rs 1,286.63 crore in the quarter under review, from Rs 922.20 crore for the quarter ended September 30, 2007.

The company has recommended the first interim dividend of 15% or Re.0.30 per equity shares of Rs 2 each for the fiscal year 2009.