Gayatri Projects Ltd has successfully raised Rs 75 crore through Qualified Institutional Placement (QIP) process, which witnessed the participation by some global investors.
The proceeds were generated through the issue of 62,58,752 equity shares at Rs 120.18 per share including a premium of Rs 110.18.
According to the company, post the issue, the promoters’ holding will be down to 50.32 per cent against 63.47 per cent as on September 30, 2012.
The funds would be used to repay a part of the company’s debt, while the rest will be deployed towards development of its existing business activities. Partial retirement of debt will help strengthen the company’s balance sheet.
The company has an order book of Rs 9,183 crore as of September. Two of its power projects under construction are progressing well.
One of them is being executed through the partnership of a Singapore-based entity SembCorp and other through a venture with NCC Ltd.
Elara Capital (India) acted as the merchant banker to the QIP issue.