Date:18/12/2012,
Public Equity,
Domestic Company, Closed Deal,
Gayatri ProjectsLtd, raised INR 75.21 Cr through fresh equity issuance to QIBs.
The company issued more than 62.58 lakh shares at a price of R120.18 per share. Its weighted average stock price stood at INR124.83 today.
Elara Capital was the sole book running lead manager to the offering.
Whereas the purpose of the fund raise was not disclosed, in September the company was planning to invest in overseas JV companies and also acquire equity in Gayatri Trident Africa FZC, its overseas JV firm.
Gayatri Projects was planning a stake dilution (to the extent of NR 500 Cr and offloading 15%) in its energy holding company Gayatri Energy Ventures to finance its power ventures. It is working on two coal based power projects at Krishnapatnam, Andhra Pradesh.
Also the company had recently concluded the full redemption of its FCCBs by paying off JPY 2,190,442,454, which was financed through ECB of JPY 1.9 Bn raised from IDBI Bank and rest taken care of by internal accruals.
Gayatri Projects, operating since 1975, is a player in the infrastructure fields of construction of roads, roads, dams, highways, canals and other civil works. Its subsidiary – Gayatri Energy Ventures handles its power projects.
It is also in the process of setting up a 1,320MW thermal power plant in Nellore, AP through a 51:49 JV, Thermal Powertech Corporation India Ltd, with Singapore based Sembcorp. Total equity required is about INR1,700 Cr. The promoters have infused about 35% of the equity so far, with Gayatri pumping in INR237 Cr and Sembcorp is infusing R350 Cr in the project.
Other infra firms that planned/raised funds through QIP include Marg Ltd., which was looking to raise INR500 Cr by the said method for its projects.
Major player GMR Infra was planning to raise INR2500 Cr via any of the methods including GDR/ADR/FCCB/QIP or follow on offer etc.
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