Gayatri Projects Limited floats JPY 3,075 million

By Staff
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Google Oneindia News

Mumbai, Jul 2 (UNI) Hyderabad-based major infrastructure company Gayatri Projects Limited (GPL) is floating five-year zero coupon convertible bonds of Japanese Yen (JPY) 3,075 million, in order to part finance its expansion as well as acquisitions.

In a statement here today, the GPL said that the Bonds due on 2012 will be issued at par and redeemed 120.414 per cent of par on maturity. The Bonds are expected to close on or about July 31 this year, and will be listed on the Singapore Exchange Securities Trading Limited.

''The issuance of the Bonds would help the company to go for capital expenditure and investment in infrastructure projects, international acquisitions and any other business related use that may need from time to time,'' GPL said in a communique to the Bombay Stock Exchange (BSE) today.

The zero coupon Bonds have a yield to maturity of 3.75 per cent per annum (calculated on a semi-annual basis), and the conversion price is expected to be set at a premium of 25 per cent to the volume weighted average price of the shares of GPL on the BSE on June 27 and 28. The Bonds will be convertible into ordinary shares of GPL, quoted in Indian Rupees.

The company has convened a meeting of its shareholders on July 25, this year to seek the approval of its shareholders for the issue of the Bonds and for issue of the Shares to be issued upon conversion of the Bonds.

JP Morgan is the sole book runner and lead manager for the offering, the statement added.

UNI

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