Gayatri Projects Ltd has transferred Rs 40 crore to the company trustee account for redemption of foreign currency convertible bonds. These bonds have matured on August 3.
In a notice to the stock exchanges, the Hyderabad-based infrastructure company, Gayatri Projects, has said it plans to redeem the balance by September 30. With that move, the company’s foreign currency convertible bonds liability will cease to exist.
For redemption of the second tranche of the bonds, the company will use funds from internal accruals and also rely on bank loans.
The company had agreed to redeem some bonds by August 27 and the rest by September 30.
Earlier this week, the company showcased its new corporate logo. The logo theme states “Building competitive advantage.”
It goes on say to “We have spent half a century building competitive advantage for our clients through infrastructure. Our constant quest to give them the edge they need has led us to re-invest ourselves and our new brand identity is a statement of our intent to serve our nation through quality infrastructure. We take this opportunity to rededicate ourselves to that mission and to the future.”
The company shares closed the day trade at Rs 98, down 0.31 per cent.