Gammon India gets nod to invest/buy up to 20 pc stake in GIPL

Gammon India today said it has got members' nod to invest or buy up to 20 per cent stake in Gammon Infrastructure Projects from wholly-owned arm Gammon Power Ltd.
"Special Resolution pursuant to Section 186 of the Companies Act, 2013 to invest/acquire by way of purchase or otherwise up to 20 per cent of the equity shares of Gammon Infrastructure Projects Limited from its wholly-owned subsidiary Gammon Power Limited.
Gammon India members passed a special resolution "to invest/acquire by way of purchase or otherwise upto 20 per cent of the equity shares of Gammon Infrastructure Projects Limited from its wholly owned subsidiary Gammon Power Limited," it said in a regulatory filing.

The company said it also got member's nod to authorise Gammon Power Limited, a wholly owned subsidiary to divest/sell/dispose off further equity shares of Gammon Infrastructure Projects Limited.
Gammon India shares closed at Rs 10.12 apiece on BSE, up 0.40 per cent from the previous close.