Gammon Infra Projects declines as QIP price was set at a discount

Gammon Infrastructure Projects fell 2.87% to Rs 14.20 at 15:25 IST on BSE after the QIP Committee of Directors at its meeting held today, 4 September 2014 approved the issue price of QIP at a discount to a ruling price.

The announcement was made during market hours today, 4 September 2014.

Meanwhile, the BSE Sensex was down 129.25 points or 0.49% at 27,005.95.

On BSE, so far 1.68 lakh shares were traded in the counter, compared with an average volume of 1.27 lakh shares in the past one quarter.

The stock hit a high of Rs 14.65 and a low of Rs 14.05 so far during the day. The stock hit a 52-week high of Rs 16.43 on 26 May 2014. The stock hit a record low of Rs 6.05 on 4 September 2013.

The small-cap company has an equity capital of Rs 146.01 crore. Face value per share is Rs 2.

The qualified institutional placement (QIP) committee of directors approved the closure of the QIP today, 4 September 2014. It also determined and approved the issue price of QIP of Rs 12.68 per share. The QIP price was set at a discount of 10.7% to a ruling price of Rs 14.20. The QIP opened for subscription on 1 September 2014.

The company reported a consolidated net loss of Rs 20.79 crore in Q2 June 2014 compared with a consolidated net profit of Rs 0.36 crore in Q2 June 2013. The consolidated total income fell 0.4% to Rs 156.51 crore in Q2 June 2014 over Q2 June 2013.

Gammon Infrastructure Projects (GIPL) is an infrastructure project development company incorporated by Gammon India, to participate in the development of infrastructure projects on a public private partnership (PPP) basis.

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