Date:08/03/2008 URL: http://www.thehindu.com/2008/03/08/stories/2008030855091500.htm

Business

Gammon Infrastructure to tap capital market

Corporate Reporter

CHENNAI: Gammon Infrastructure Projects Ltd. (GIPL), an infrastructure project development company promoted by the Gammon Group, is entering the capital market with the issue of 165.50 lakh equity shares of Rs. 10 each for cash at a premium to be determined through a 100 per cent book building process.

The issue opens on March 10 and closes on March 13.

Addressing presspersons here on Friday, Parvez Umrigar, Managing Director, said the company planned to mobilise around Rs. 275-331 and the issue proceeds would be utilised to part finance the investment required by its subsidiaries, repayment of loan to Gammon India and to invest in strategic initiatives and acquisitions.

The price band has been fixed between Rs. 167 and Rs. 200 per share.