Gayatri Projects’ rights issue fully subscribed [May 2012]

Infrastructure and construction company Gayatri Projects has completed its rights issue aggregating to Rs. 144 crore. The issue opened on 5th March and closed on 19th March. According to a statement released by the company, it has received 100 per cent subscription for the issue. The number of equity shares allotted was 1,19,89,000 at a face value of Rs. 10/- with an issue price of Rs. 120/- in the ratio of 1:1 held on 23rd February. With the rights issue, the promoter’s stake has gone up from 55 per cent to 63.47 per cent.
Commenting on the issue, TV Sandeep Kumar Reddy, Managing Director, Gayatri Projects said, "Through the rights issue, Gayatri Projects Limited has received the capital needed to continue the good growth experienced over the last years”. Gayatri Projects, founded about four decades ago, has been engaged in various infrastructure activities in Andhra Pradesh, Assam, Uttar Pradesh, Madhya Pradesh, Karnataka, Gujarat, Maharashtra and Orissa.

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