Gayatri Projects expects stake sale to get delayed

Gayatri Projects anticipates that the stake sale to private equity players in two of its units to raise about $250 million will get delayed up to December. The company believes that the market conditions are not conducive at the moment and they don’t require funds immediately. Also, the company expected PE deals to get closed by June-August and raise funds via rights issue by end of June, but as it is still awaiting SEBI clearance for its rights issue now it expects the issue to get over latest by November. Also, the pricing and issue size will depend on the financial situation.

Recently, Gayatri Projects had received letter of award (LOA) from National Highways Authority of India (NHAI) with regard to Four Lanning of Panikoill - Rimuli Section of NH-215 from Km 0.000 to Km163.000 in the State of Orissa to be executed on BOT (Toll) Project on DBFO Pattern under NHDP Phase-III. The board of directors at its meeting held on August 22, 2011 took note of it.

Gayatri Projects (GPL), 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.