Gayatri Projects to hive off invesments in BOT road projects

February 19, 2008

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Gayatri Projects is planning to hive off investments in BOT road projects to its subsidiary company with an intention to dilute a part to strategic investors to raise funds for further investment into BOT projects.

A meeting of the board of directors of the company will be held on Feb. 26, 2008, to consider the issue of convertible equity warrants to promoters in accordance with the provisions of SEBI Guidelines, 2000 and allotment of equity shares to FCCB holders upon conversion.

The board will also consider incorporation of new objects clauses in the memorandum of association.

Shares of the company gained Rs 8.4, or 1.62%, to settle at Rs 527.75. The total volume of shares traded was 13,891 at the BSE. (Tuesday)

Source: myiris.com