Gayatri Projects gains on preferential allotment to promoters, FIIs

The company approved allotment of 16,24,006 equity shares to promoters and 36,54,000 equity shares to FIIs

Gayatri Projects gained over 5% to Rs 222 after the company announced that it has issued equity shares in lieu of the unsecured loans provided by them and also issued equity shares to foreign institutional investors.

The board, at its meeting held on June 16, 2015, approved allotment of 16,24,006 equity shares to promoters following conversion of unsecured loan of Rs 33 crore extended by them, the company said in a release.

The release also added that the board also approved allotment of 36,54,000 equity shares to foreign institutional investors.

The stock opened at Rs 215 and touched a high of Rs 225. At 10:30AM, over 42,000 shares were traded on both the stock exchanges.