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Gayatri Projects Ltd has approved a revised rights offer of equity shares in the ratio of one equity share for each share held by the company shareholders on a record date to be announced later.
The company management has also approved withdrawal of the draft letter of offer for a rights issue dated March 21, filed with the Securities and Exchange Board of India (SEBI), BSE Limited and the National Stock Exchange of India Ltd.
The record date would be announced later to reconstitute the rights issue committee for the purpose of the proposed rights issue. It also approved reservation of equity shares for FCCBs outstanding on the record date in the proposed rights issue of the company. This reservation would be over and above the issue size.
During the meeting, the notice was approved for calling an extraordinary general meeting to be held on January 5, 2012 for seeking shareholders' consent for the reservation of equity shares in the proposed rights issue for the FCCB holders in terms of SEBI (ICDR) Regulations, 2009 as the existing resolution is valid until January 31, 2012.
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