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Hyderabad, Aug 3

Gayatri Projects Ltd closed the issue (zero coupon FCCB) of ¥3,080 million direct, unsubordinated, unsecured zero coupon convertible bonds due in 2012. The issue was fully subscribed, according to a release. The company had decided to issue the bonds for meeting the capital expenditure and investment in infrastructure projects and international acquisitions, among others. The bonds would be convertible into ordinary shares of the company, quoted in rupees at a conver sion premium of 25 per cent and the initial conversion price would be at Rs 78.3453 per share, the release added. — Our Bureau

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