Gammon India to raise $200 million

Gammon India Ltd has announced that the Board of Directors of the Company at its meeting held on September 25, 2009, inter alia, has approved further issue of capital to Qualified Institutional Buyers upto an amount not exceeding in the aggregate US$ 200 Million, subject to Shareholders approval and in accordance with SEBI (Issue of Capital & Disclosure Requirement) Regulations, 2009 and other applicable laws and the draft notice of Postal Ballot seeking Shareholders approval in respect of (1) above.

The stock closed the day at Rs.194.70, up by Rs.3.60 or 1.88%. The stock hit an intraday high of Rs.202.95 and low of Rs.186.15.

The total traded quantity was 191911 compared to 2 week average of 163103.

Source : Equity Bulls

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