Gammon Infra Projects to raise Rs 259 cr through QIP

Gammon Infrastructure Projects today said it has received shareholders' nod to raise Rs 259 crore through a qualified institutional placement (QIP).
"The QIP Committee of Directors at its meeting held on September 08, 2014, has approved the issue and allotment of 20,41,74,286 equity shares to eligible qualified institutional buyers at the issue price of Rs. 12.68 per equity share, aggregating to approximately Rs. 258.89 crores," the company said in a filing to the BSE.
Gammon Infrastructure Projects Limited (GIPL) is an infrastructure project development company incorporated by Gammon India Limited, to participate in the development of infrastructure projects on a public private partnership (PPP) basis.

Shares of the company closed at Rs 14.31 per scrip on the BSE, down 2.59 per cent from previous closing.