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Mumbai, June 30

Mumbai-based Gayatri Projects Ltd has issued yen bonds worth Rs 930 crore. The five-year zero coupon convertible bonds have an yield-to-maturity of 3.75 per cent and the conversion price will be set at a premium of 25 per cent to the weighted average price of the company’s shares on June 27 and 28, 2007, the company said in a notice to the stock exchanges. The bonds will be listed on the Singapore Stock Exchange. The funds would be utilised for capital expenditure an d for overseas acquisition, the company said. The company reported a net income of Rs 166 crore and a net profit of Rs 3.16 crore for the quarter ended March 2007. Gayatri Projects’ shares closed at Rs 302.95 on the BSE on Friday. —

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