Gammon India Ltd receives conversion notice from ICICI Bank

Gammon India Ltd has received a "Notice of Conversion" from ICICI Bank Limited acting as a Monitoring Institution on behalf of the CDR Lenders for conversion of part of United Bank of India's outstanding debt into equity shares under the Strategic Debt Restructuring Package of the Company.

United Bank of India has decided to convert part of its outstanding debt and interest aggregating to 7.56 crores into equity shares of the Company of face value of Rs. 2/- each at a price of Rs. 11.89 per equity share. Post this conversion the total shareholding of the CDR Lenders will be 62.65% of the total equity capital of the Company.

Shares of GAMMON INDIA LTD. was last trading in BSE at Rs.13.44 as compared to the previous close of Rs. 13.76. The total number of shares traded during the day was 97541 in over 333 trades.

The stock hit an intraday high of Rs. 14.17 and intraday low of 13.15. The net turnover during the day was Rs. 1305096.

Source : Equity Bulls

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