Gammon India Ltd allots 6362258 shares

The Securities Allotment Committee of Directors of Gammon India Ltd at their meeting held on March 16, 2016 which commenced at 4.30 p.m. and concluded at 5.00 p.m. has allotted 63,62,258 equity shares of F.V. Rs. 2/- each at a price of Rs. 11.89 per share (including premium Rs. 9.89) aggregating to Rs. 7.56 crores to United Bank of India (being the CDR Lender) on conversion of part of its outstanding loan and interest into equity shares of the Company pursuant to "Notice of Conversion", for conversion of debt into equity shares under the Strategic Debt Restructuring Package of the Company issued by ICICI Bank in its capacity as a Monitoring Institution acting on behalf of the CDR Lenders. With this allotment, the CDR Lenders collectively hold 62.65% of the total equity capital of the Company.

Shares of GAMMON INDIA LTD. was last trading in BSE at Rs.12.3 as compared to the previous close of Rs. 12.56. The total number of shares traded during the day was 106139 in over 413 trades.

The stock hit an intraday high of Rs. 12.75 and intraday low of 12.2. The net turnover during the day was Rs. 1325717.

Source : Equity Bulls

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