Gayatri Projects has concluded the sale of its 5.95% stake in the power assets of Sembcorp Energy India (SEIL), held through its material subsidiary Gayatri Energy Ventures (GEVPL), for cash proceeds of Rs 406.77 crore. The company had signed a non-binding definitive agreement on December 04, 2019 and has now successfully completed the said transaction.
The proceeds from the above sale Rs 206.85 crore would be used towards repayment of Debentures issued by GEVPL to ECL Finance and Edelweiss Credit Opportunities Fund and balance amount would be used for meeting the working capital requirements of the company and for other general corporate purpose.
Gayatri Projects is the flagship company of the esteemed and well diversified Gayatri Group that has interests in infrastructure, power, hospitality, real estate and industry.
