Gayatri Projects Updates on Zero Coupon FCCB

Gayatri Projects Ltd has announced that it has closed the Issue (Zero Coupon FCCB) of JPY 3,080 million direct, unsubordinated, unsecured zero coupon convertible bonds due in 2012 (the "Bonds"). The issue is fully subscribed. The Company has decided to issue the Bonds for (i) capital expenditure and investment in infrastructure projects in accordance with applicable law, (ii) International acquisitions, and (iii) any other use as may be permitted under applicable law or regulations, from time to time. The Bonds will be convertible into ordinary shares of the Company, quoted in Indian Rupees.

The summary of terms and conditions are as follows:

1. Issue Size: JPY 3080 Million

2. Denomination: JPY 10,000,000 per Bond

3. Security Offered: Zero Coupon Convertible Bonds (the "Bonds"), offered and sold in reliance on Regulation S, convertible into ordinary shares of the Company listed on the BSE.

4. Currency: Japanese Yen

5. Fixed Exchange Rate: JPY 1.00 = INR 0.3303

6. Ranking: Direct, Unsubordinated, Unsecured

7. Issue Price: 100%

8. Coupon: 0.0%

9. Yield to Maturity: 3.75% per annum, calculated on a semi-annual basis.

10. Conversion Premium - 25.0%

11. Initial Conversion Price - INR 378.3453 per share

12. Reference Share Price - INR 302.6762 (Volume Weighted Average Price for June 27 & 28, 2007)

13. Stock Exchange - Singapore Stock Exchange.

Source : Equity Bulls

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