Gayatri Highways Ltd to acquire stake in Cyberabad Expressways Ltd

Gayatri Highways Limited (the "Company") has proposed to acquire 11.54% of Equity Share Capital and 11.54% of Optionally Convertible Debentures (OCD's) in Cyberabad Expressways Limited (the "Target Company") from the Existing Security Holder of the Target Company.

The Existing Shareholder of Target Company has agreed for sale of their 11.54% equity shareholding [2,28,462 fully paid up equity shares of face value of INR 10/- each for a consideration of INR 5.22/- each share aggregating to INR 11,92,572/-] and 11.54% of Optionally Convertible Debentures (OCD's) [49,32,692 (OCD's) of face value of INR 10/- each for a consideration of INR 5.22/- each debenture aggregating to INR 2,57,48,652/-] to Gayatri Highways Limited, Total consideration for acquisition amounting to INR 2,69,41,224/-.

The Target Company is engaged in the business of undertaking infrastructure Projects.

Cyberabad Expressways Limited was incorporated with the business to Design, Construction, Development, Operation and Maintenance of Eight lane access controlled expressway under Phase II A programmeas an extension of Phase I of Outer Ring Road (ORR) to Hyderabad City in the state of Andhra Pradesh, India, for the package from Kollur to Patancheru from Km. 12.00 to Km. 23.70 (Project Reference No. ORR/PH/-IIA/BOT/AP2) on Build, Operate and Transfer (BOT) Annuity Basis.

Shares of Gayatri Highways Limited was last trading in BSE at Rs. 0.85 as compared to the previous close of Rs. 0.81. The total number of shares traded during the day was 238750 in over 62 trades.

The stock hit an intraday high of Rs. 0.85 and intraday low of 0.83. The net turnover during the day was Rs. 202658.00.

Source : Equity Bulls

Keywords

GayatriHighways INE287Z01012 GAYAHWS Construction Engineering Acquisition CyberabadExpressways