Gayatri Projects rose 4.33% to Rs 219.40 at 9:59 IST on BSE after the company said its board approved issue of 16.24 lakh equity shares on preferential basis to the promoters of the company.
The announcement was made after market hours yesterday, 16 June 2015.
Meanwhile, the S&P BSE Sensex was up 58 points or 0.22% at 26,744.51.
On BSE, so far 5,376 shares were traded in the counter as against average daily volume of 7,446 shares in the past one quarter.
The stock hit a high of Rs 222.30 and low of Rs 215 so far during the day. The stock had hit a 52-week high of Rs 224.50 on 25 May 2015. The stock had hit a 52-week low of Rs 108.05 on 19 August 2014.
The stock had outperformed the market over the past one month till 16 June 2015, surging 27.3% compared with the Sensex's 2.33% fall. The scrip had also outperformed the market in past one quarter, jumping 38.54% as against Sensex's 6.16% fall.
The small-cap infrastructure company has equity capital of Rs 30.23 crore. Face value per share is Rs 10.
Gayatri Projects said that its board of directors at a meeting held yesterday, 16 June 2015, approved, subject to the shareholders and other necessary approvals for issue of 16.24 lakh equity shares on preferential basis to the proposed allottees viz. issue of 16.24 lakh equity shares to the promoters of the company by way of conversion of unsecured loan of Rs 33 crore extended by them, as part of promoter's contribution to the restructuring Package approved by the Joint Lenders Forum (JLF) (company's bankers) and as per the Master Restructuring Agreement entered with the bankers. The Board further approved issue of 36.54 lakh equity shares to the foreign institutional investors.
Gayatri Projects' net profit declined 0.5% to Rs 15.95 crore on 12.7% growth in net sales to Rs 559.21 crore in Q4 March 2015 over Q4 March 2014.
Gayatri Projects undertakes civil construction work such as construction of concrete/masonry dams, earthen dams, national highways, bridges, canals, aqueducts, airports and ports.
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