Gammon infra hikes VSPL stakes

Coimbatore: Gammon Infrastructure Projects Ltd has exercised the call option to purchase 2,28,77,500 equity shares of Rs 10 each of Vizag Seaport Pvt Ltd (VSPL) from International Port Services Pvt Ltd, the investment arm of Portia Management Services Ltd of UK, the company's joint venture partner in VSPL. The consideration for the purchase is approximately Rs 33 crore and the transaction will be subject to regulatory approvals.

Further, VSPL has allotted 80,00,000 equity shares to Cochin Bridge Infrastructure Company Ltd, subsidiary of the company, on April 1 upon conversion of loan into equity at par, which will be transferred to the company.

Upon completion of the two transactions the shareholding of the company in VSPL will stand increased to 73.76 per cent from the present 42.22 per cent. VSPL owns two berths handling bulk cargo at the Visakhapatnam Port.