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Gayatri Projects Ltd has informed BSE that the board of directors of the company at its meeting held today has approved issue of equity shares on preferential basis to promoters and foreign institutional investors.
This is subject to necessary approvals and in compliance with the SEBI (ICDR) Regulations, the Hyderabad-based infrastructure company said.
Under the proposal, it is proposed to allot 16,24,006 equity shares to the promoters of the company by way of conversion of unsecured loan of Rs 33 crore extended by them as part of the promoter's contribution to the restructuring package approved by the ‘Joint Lenders’ Forum’ (JLF) or the company's bankers in line with the master restructuring agreement entered with the bankers.
As a part of the process, it is also proposed to allot 36,54,000 equity shares to foreign institutional investors. GMO Emerging Markets Equity Funds are among allottees at Rs 203.20 per share.
During the meeting, the board approved the notice of extraordinary general meeting of the company to be held on July 10 to obtain the approval of the members for the proposed issue of shares on preferential basis.
The company shares were trading at Rs 230, up 10 per cent during the day.
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