The board of Hyderabad-based Gayatri Projects Limited (GPL) on Monday approved allotment of 1 million warrants convertible into equity shares of Rs 10 each at a premium of Rs 132.52 per share on preferential basis to the promoters.
Last week, the company allotted1 million shares at a premium of Rs 175 per share on a preferential basis to Reliance Capital Trustee Company Limited - Reliance Infrastructure Fund belonging to the Anil Dhirubhai Ambani Group.
The Rs 18.50-crore raised through the preferential allotment of shares to Reliance is aimed at generating long-term resources for implementing GPL's future growth plans.
Established in 1963, GPL is currently executing projects worth Rs 6,000 crore, including Rs 3,000 crore worth of irrigation and Rs 1,000 crore national highway projects. The company, which posted a turnover of Rs 1,400 crore in 2008-09, is also looking at development of thermal power projects.
The company’s stock closed the day at Rs.272.90, up 0.53 over the previous trading day’s close.
