Gayatri Projects rights issue fully subscribed
Gayatri Projects has successfully completed its rights issue aggregating to Rs144 crore. The issue, which opened on 5th March and closed on 19th March, has received 100% subscription. The issue price was Rs120 and approx. Rs144 crore has been raised from the issue.
The allotment of shares was done on March 27. The company is in the process of getting listing and trading approval. Edelweiss Capital Limited was the lead manager to the issue Karvy Computershare Private Limited was registrars to the issue.
With the rights issue, the promoter’s stake has gone up from 55 per cent to 63.47 percent.
Commenting on the issue, TV Sandeep Kumar Reddy, managing director, Gayatri Projects, said, "We are pleased with the response to our rights issue which was subscribed by 100%, thereby evidencing the investors’ long term conviction in the company and we will endeavour to meet their expectations constantly.”
He said through the rights issue, Gayatri Projects has received the capital needed to continue the good growth experienced over the last years. “We thank our shareholders for their support and confidence,” he added.