Infrastructure and construction company Gayatri Projects today said it has raised Rs 144 crore through a rights issue of shares.
The rights issue, which was open for subscription from March 5 till March 19, has been fully subscribed, the company said in a statement.
The company alloted 11,989,000 equity shares at an issue price of Rs 120 in the ratio of 1:1.
The allotment of shares was done on March 27 and the company is in the process of getting listing and trading approval, the statement added.
With the rights issue, the promoter's stake in the company has gone up from 55% to 63.47%.
"We are pleased with the response to our rights issue which was subscribed by 100%. ... Through the rights issue, Gayatri Projects Limited has received the capital needed to continue the good growth experienced over the last years," Gayatri Projects Managing Director TV Sandeep Kumar Reddy said.
Edelweiss Capital Limited was the lead manager to the issue Karvy Computershare Private Limited was registrars to the issue.
