Gayatri Projects Ltd approves proposal to raise Rs. 300 crores

The Board of Directors of Gayatri Projects Ltd at its meeting held on July 26, 2014, has approved, pursuant to Section 110 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014.

The Board approved increasing the Borrowing Powers of the Company and Creation of Security on the Properties of the Company from Rs. 7000.00 Crs to Rs. 9,000.00 Crs.

The Board will consider raising of funds up to Rs. 300 Crores through issue of securities and increase in Authorised Share Capital of the Company from Rs. 40.00 Crs to Rs. 80.00 Crs and necessary amendment to the Memorandum of Association of the Company.

The Board approved increasing FII / FPI Investment Limits in the Company and consider amendment to the Articles of Association of the Company as per the Companies Act, 2013.

The above proposals are subject to shareholder's approval through postal ballot.

Shares of GAYATRI PROJECTS LTD. was last trading in BSE at Rs.164 as compared to the previous close of Rs. 168.8. The total number of shares traded during the day was 7163 in over 141 trades.

The stock hit an intraday high of Rs. 164 and intraday low of 160.4. The net turnover during the day was Rs. 1160193.

Source : Equity Bulls

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