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Gayatri Energy Ventures Pvt Ltd, a wholly-owned subsidiary of the Hyderabad-based infrastructure company Gayatri Projects Ltd, is raising Rs 250 crore from IFCI Ltd by issue of compulsory convertible debentures.
The company has approved a rights offer of equity shares late last month.
It proposes to issue 59,94,500 equity shares of Rs 10 each at a premium to eligible shareholders in the ratio of one equity share for every two equity shares held, subject to all regulatory approvals, including that of SEBI.
This offer will come with one detachable warrant for every rights equity share allotted.
Expansion
Gayatri Projects is on expansion mode and has taken up thermal power project through the subsidiary, which it is implementing in partnership with Singapore-based Sembcorp Industries as venture partner. Sembcorp had earlier pumped in Rs 364 crore in Gayatri projects, mainly into Thermal Powertech Corporation Ltd, the step-down subsidiary.
The venture is in the process of implementing a 1,320-MW thermal project near Nellore and plans to take up another 1,320-MW project at the same site. Sembcorp Industries had picked up 49 per cent stake in the thermal venture for a total consideration of Rs. 1,042 crore.
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