The promoters of Gammon India have decided to raise a contribution of 100 crore
The promoters of Gammon India along with their affiliates have recently decided to raise about a 100 crore as ‘Promoter Contribution’. This will be done by subscribing towards all shares of equity that have been allotted to them on the basis of preference so that the restricting package of debt which has been sanctioned by the lenders will be implemented.
The company’s board of directors has also sanctioned all issues of the equity shares which can be estimated at about 36,968,575 of them. They come at a face value of Rupees 2 each and at a cost Rupees 27.05 per share of equity on the basis of preference to promoters along with their affiliates. The debt of Gammon India needs a large sum of money as restricting aggregate.
The contractor of the EPC (engineering, procurement and construction) in one of the notices to the BSE has mentioned that issues and allotment that will be approved of by the CDR lenders and the shareholders during the upcoming general meeting of the company will be scheduled and held this year on the 30th of June.
Source – Our Bureau
EPC, Gammon India, Gammon India loss, Gammon India project, Gammon India to raise a contribution of 100 crore, promoters of Gammon India
