Construction and engineering firm Gammon India today said it had decided to raise $200 million (Rs 958.6 crore) in qualified institutional placement (QIP) in accordance with Sebi rules. The board of directors took a decision to this effect at its meeting held on Friday, Gammon India said in a disclosure to the BSE.
The board approved the proposal to further issue securities to qualified institutional buyers upto an amount not exceeding $200 million, it said.
The fund raising proposal is subject to final clearance from shareholders and regulatory authorities.
The board also decided on the draft notice of a postal ballot, seeking shareholders permission for the proposed fund raising, it said. The firm is involved in the development of infrastructure projects on public private partnership (PPP) basis through its subsidiary, Gammon Infrastructure Projects Ltd.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app