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Gammon India’s promoters and their affiliates will bring in about ₹100 crore as "Promoter Contribution" by subscribing to equity shares allotted to them on a preferential basis so that the debt restructuring package, which has been approved by lenders, can be implemented.
The board of directors of the company has approved the issue of 36,968,575 equity shares of ₹2 face value each at a price of ₹27.05 per equity share on a preferential basis to the promoters and their affiliates.
Gammon India’s debt that needs restructuring aggregates about ₹14,800 crore.
In a notice to the BSE, the EPC (engineering, procurement and construction) contractor said issue and allotment will be subject to the approval of the CDR lenders and also the shareholders at the forthcoming 92nd annual general meeting of the company scheduled to be held on June 30, 2014.
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