Gammon India Ltd approves issue of 36,968,575 shares at Rs. 27.05

The Board of Directors of Gammon India Ltd at its meeting held on June 03, 2014, has approved the issue of 36,968,575 (Three Crores Sixty Nine Lacs Sixty Eight Thousand Five Hundred and Seventy Five) equity shares of the face of Rs. 2/- each at a price of Rs. 27.05/- per equity share on a preferential basis to the Promoters and their Affiliates against the contribution brought in by them as "Promoter Contribution" as envisaged under the Corporate Debt Restructuring Scheme approved by the Corporate Debt Restructuring Empowered Group at its meeting held on June 24, 2013.

The said allotment will be subject to the approval of the CDR lenders and also the shareholders at the forthcoming 92nd Annual General Meeting of the Company scheduled to be held on June 30, 2014.

Shares of GAMMON INDIA LTD. was last trading in BSE at Rs.29.7 as compared to the previous close of Rs. 28.9. The total number of shares traded during the day was 147033 in over 1044 trades.

The stock hit an intraday high of Rs. 30.3 and intraday low of 29.25. The net turnover during the day was Rs. 4405178.

Source : Equity Bulls

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