Gayatri announces allotment of preferential shares to Reliance MF
Raises Rs 18.50 cr as working capital requirement for future growth plans
August 26, 2009 (Newswire.com) - Hyderabad-based leading construction company, Gayatri Projects Limited today announced allotment of one million equity shares of Rs 10 each at a premium on preferential basis to Reliance Mutual fund to generate long term resources for implementing future growth plans and working capital requirements.
Shareholders at an extra-ordinary general meeting held here today approved preferential allotment of one million equity shares of the face value of Rs, 10 each at a price of Rs 185 per share (including a premium of Rs 175 per share) aggregating to Rs 18.50 crore according to the Securities and Exchange Board of India (SEBI) guidelines on the matter.
Mr. T V Sandeep Reddy, Managing Director, Gayatri Projects Limited said "the resources will help us meet our strategic business plan to chart out company's future growth. Also induction of a strategic investor will add premium element to the company's valuation".
"In view of the government's renewed thrust on infrastructure sector, there are vast openings for a leading company like Gayatri Projects Ltd and the resources will help us leverage our strengths", Mr. Reddy said.
Established in 1963, Gayatri Projects Ltd is currently executing projects worth Rs 5,900 crore for NHAI, state governments and private sector companies. The company registering a steady and satisfactory growth has recorded an annual turnover of Rs 1004 crore for the year 2008-09 and net worth of Rs 220 crore.