Gayatri Projects has informed that it has concluded the sale of its 5.95% stake in the power assets of Sembcorp Energy India Limited (SEIL), held through its material subsidiary Gayatri Energy Ventures Private Limited (GEVPL), for cash proceeds of Rs 406.77 Crores. 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 crores 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. The above transaction is based on a basic value of Rs 7000 crores for SEIL. GPL will realize the full value of its stake whenever a market discovered value is available. So if SEIL goes for IPO, stake sale etc, the company will receive the difference between the market value and base value of Rs 7000 crores. It’s management has been committed towards balance sheet deleveraging and this deal is in line with its stated strategy. The Company is also making good progress towards monetization of its arbitration claims.
The above information is a part of company’s filings submitted to BSE.
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Larsen & Toubro | 3602.30 |
Rail Vikas Nigam | 289.85 |
KEC International | 728.30 |
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NCC | 249.40 |
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