Gammon India informs about outcome of circular resolution

27 Feb 2016 Evaluate

Gammon India has informed that the Board of Directors of the Company has on February 26, 2016 vide a Resolution passed by Circulation taken note of the ‘Notice of Conversion’ received from ICICI Bank acting as a monitoring institution on behalf of the CDR Lenders for conversion of part of their outstanding debt into equity under the Strategic Debt Restructuring Package of the Company, three CDR lenders viz. IDBI Bank, UCO Bank and Indian Bank have decided to convert part of their outstanding debt and interest aggregating to Rs 22.25 crores into equity shares of the Company of face value of Rs 2 each at a price of Rs 11.89 per equity share. Post this conversion the total shareholding of the CDR lenders will be 55.43% of the total equity capital of the Company.

The above information is a part of company’s filings submitted to BSE.

Peers
Company Name CMP
Larsen & Toubro 3651.00
Rail Vikas Nigam 429.55
NCC 284.45
KEC International 1201.70
Kalpataru Projects 1264.85
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