Gammon India Ltd to allot shares at Rs. 11.89

The Board of Directors of Gammon India Ltd has on February 26, 2016 vide a Resolution passed by Circulation taken note of the "Notice of Conversion" received from ICICI Bank acting as a monitoring institution on behalf of the CDR Lenders for conversion of part of their outstanding debt into equity under the Strategic Debt Restructuring Package of the Company, three CDR lenders viz. IDBI Bank, UCO Bank and Indian Bank have decided to convert part of their outstanding debt and interest aggregating to Rs. 22.25 crores into equity shares of the Company of face value of Rs. 2/- each at a price of Rs. 11.89 per equity share. Post this conversion the total shareholding of the CDR lenders will be 55.43% of the total equity capital of the Company.

Shares of GAMMON INDIA LTD. was last trading in BSE at Rs.13.65 as compared to the previous close of Rs. 13.6. The total number of shares traded during the day was 46487 in over 203 trades.

The stock hit an intraday high of Rs. 14.1 and intraday low of 13.3. The net turnover during the day was Rs. 632913.

Source : Equity Bulls

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