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| Gayatri to allot a million shares to Reliance Mutual |
| BS Reporter / Chennai/ Hyderabad Aug 28, 2009, 00:44 IST |
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Hyderabad-based construction company Gayatri Projects Limited (GPL) has announced allotment of 1 million equity shares of Rs 10 each at Rs 185 per share to Reliance Mutual Fund belonging to the Anil Dhirubhai Ambani Group.
The Rs 18.50-crore raised through the preferential allotment of shares is aimed at generating long-term resources for implementing GPL's future growth plans.
“The resources will help us meet our strategic business plan to chart out company's future growth. Also induction of a strategic investor will add premium element to the company's valuation,” GPL managing director, T V Sandeep Reddy, told mediapersons here on Wednesday.
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.
GPL has also taken up three projects in joint venture with Maytas Infra Limited, a listed company run by the kin of fraud-hit Satyam Computer Services founder B Ramalinga Raju.
GPL, which posted a turnover of Rs 1,400 crore in 2008-09, is also looking at development of thermal power projects. “In view of the government’s renewed thrust on the infrastructure sector, there are vast openings for a leading company like Gayatri,”Reddy said.
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