Gammon India shines on receiving approval for restructuring its debt as per CDR LOA

14 Aug 2013 Evaluate

Gammon India is currently trading at Rs. 11.00, up by 0.02 points or 0.18% from its previous closing of Rs. 10.98 on the BSE.

The scrip opened at Rs. 10.90 and has touched a high and low of Rs. 11.50 and Rs. 10.80 respectively. So far 52,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 54.45 on 11-Oct-2012 and a 52 week low of Rs. 10.70 on 08-Aug-2013.

Last one week high and low of the scrip stood at Rs. 12.75 and Rs. 10.70 respectively. The current market cap of the company is Rs. 149.00 crore.

The promoters holding in the company stood at 34.99% while Institutions and Non-Institutions held 31.48% and 33.53% respectively.

Gammon India has received an approval for restructuring of the company’s debts as per the Corporate Debt Restructuring Letters of Approval (CDR LOA) dated June 29, 2013 and July 31, 2013 received pursuant to the Restructuring Package approved by the CDR Empowered Group at its meeting held on June 24, 2013. The board of directors at its meeting held on August 12, 2013 has considered and approved for the same.

Besides, as per the terms and conditions of the CDR LOA, the CDR Package has to be implemented within 120 days from the date of the CDR LOA. The Cut-off date of the CDR package is January 01, 2013.

Gammon India provides engineering services and construction of services. It operates in plan, design and undertakes construction of roads, highways, bridges and other projects.

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