Comments
Infrastructure and construction company Gayatri Projects Ltd has completed its rights issue on Wednesday, raising Rs 144 crore.
The issue opened on March 5 and closed on March 19. The company received 100 per cent subscription. It has allotted 1.19 crore equity shares of a face value of Rs 10 with an issue price of Rs 120 in the ratio of 1:1 held on February 23.
Gayatri Projects is in the process of securing listing and trading approval. Edelweiss Capital Ltd was the lead manager to the issue and Karvy Computershare Pvt Ltd served as registrars to the issue.
With the rights issue, the promoter's stake has gone up from 55 per cent to 63.47 per cent.
Mr T.V. Sandeep Kumar Reddy, Managing Director, Gayatri Projects Ltd, in a statement said, through the rights issue the company has received the capital needed to continue the growth experienced over the last few years. The company has an order book of over Rs 8,500 crore.
On Wednesday, the company's shares closed 2.7 per cent lower at Rs 116 on the BSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.