Gammon India seeks lenders approval to issue Rs 100 cr debentures to promoters for their contribution to CDR scheme

Gammon India Ltd will be seeking approval from the corporate debt restructuring lenders/corporate debt restructuring empowered group, for issuing zero coupon compulsorily convertible debentures for an amount not exceeding Rs 100 crore on preferential basis to promoters/entities against their contribution made towards “Promoter Contribution” under the CDR scheme approved on June 24, 2013.

In a notice sent to BSE, on Friday, the company said that the price is to be decided pursuant to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, for the same. Also, lenders permission will be sought by Gammon for appointing consultants to advise the company on options for value optimisation of the company’s business, notice said.

In a filing to BSE, on March 31, 2014, the company had said that its board of directors will consider various options of restructuring of the company/Gammon Group in a meeting to be held on April 3.

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Gammon India’s share price was trading down 1.21% at Rs 15.53 at 1517 hours, on BSE, on Friday.

(EOM)