Gayatri Projects Board to consider Right Issue

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Gayatri Projects Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on January 21, 2011, inter alia, for considering the following:

1. To raise funds not exceeding Rs. 400.00 Crores by way of issue of equity shares / warrants or combination thereof or any other securities to the existing shareholders of the Company on a Rights basis. The ratio, price and other terms of the proposed right issue would be decided at a later date, by the Board or committee thereof formed for the purpose.

2. To approve the Reservation of Equity Shares for FCCB holders in the proposed Rights Issue of the Company and also to approve that the above reservation will be over and above to the issue size, to the extent that the conversion option of FCCBs are not exercised till the record date.

3. To approve the Postal Ballot Notice for seeking shareholders consent for the reservation of Equity Shares in proposed Rights Issue for the FCCB Holders in terms of SEBI (ICDR) Regulations, 2009.

4. To constitute the Rights Issue committee with respect to the proposed Rights Issue.

5. To invest through Its subsidiary M/s. GEVPL to the extent of Rs. 1000 Cr. in M/s. NCC Power Projects Ltd / its Subsidiary/ its Associate.

Source: BSE Corporate Announcements

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