Gammon India Ltd allots 4124496 shares

Gammon India Ltd has received a "Notice of Conversion" from DBS Bank (one of the Joint Lenders) for conversion of part of outstanding debt into equity shares under the Strategic Debt Restructuring Package of the Company. Pursuant to this notice, DBS Bank has decided to convert part of its outstanding debt and interest aggregating to Rs. 4.90 crores into 4,124,496 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 and DBS Bank will be 63.07% of the total equity capital of the Company.

Shares of GAMMON INDIA LTD. was last trading in BSE at Rs.10.65 as compared to the previous close of Rs. 10.76. The total number of shares traded during the day was 38917 in over 184 trades.

The stock hit an intraday high of Rs. 10.9 and intraday low of 10.57. The net turnover during the day was Rs. 416070.

Source : Equity Bulls

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