Gammon India gets nod to further invest Rs 675 crore in GPL

Gammon India has received an approval for further investment in its wholly owned subsidiary Gammon Power (GPL) by subscribing up to 2.25 crore equity shares of Rs 10 each at a price of Rs 300 per equity share (including a premium of Rs 290 per equity share) aggregating up to Rs 675 crore to be issued by GPL on conversion of loan due and outstanding from GPL to the company. The board of director at its meeting held on March 31, 2016 has approved for the same.

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