Gayatri infra to undertake new projects

Hyderabad: Gayatri Projects Ltd has decided to float a 100 per cent subsidiary to implement build operate transfer projects.

The subsidiary called Gayatri Infraventures Ltd will get Rs 124.59 crore through equity/quasi-equity from GPL and facilitate equity dilution to strategic investors to raise funds for further investment into BOT projects.

The decision was approved by the company’s board at its meeting today. Further, the board okayed the proposal for issue and allotment of 15 lakh convertible share warrants to the promoters at a price of Rs 500.78 calculated in accordance with the SEBI guidelines and each warrant is convertible into one equity share of Rs 10 each. The company has also allotted 1,04,761 equity shares of Rs 10 each to Copthall Mauritius Investment upon conversion of 120 million Yen worth FCCBs at Rs 378.3453 per equity share (pre determined price).