Gayatri Projects has raised Rs 75.21 crore of funds through issue of fresh equity in favour of qualified institutional placement (QIP). Elara Capital was the sole book running lead manager to the issue. The company plans to utilize the proceeds to retire high cost debt, which would help the company to save at least Rs 10 crore a year on interest outgo. For the year 2011-12, the company incurred Rs 104.37 crore of expenses towards finance charges on the liabilities.
Gayatri Projects, an ISO 9001 - 2000 company, is one of the fastest growing construction companies in India executing major civil works including construction of concrete/masonry dams, earthen dams, national highways, bridges, canals, aqueducts, airports, ports, etc.