Gammon India board to discuss company restructuring on April 3

Written by fe Bureau | Mumbai | Updated: Mar 31 2014, 20:28pm hrs
Gammon India Ltd informed BSE, on Monday, that a meeting of the board of directors of the company will be held on April 3, to consider various options of restructuring of the company/Gammon Group.

The board will also consider issue of 'convertible securities' on preferential basis to promoters/entities against their contribution made towards promoter contribution under the corporate debt restructuring (CDR) scheme approved on June 24, 2013.

"The above two businesses shall be subject to necessary approvals as required from the CDR lenders/ CDR - EG and all other permissions, approvals and sanctions required under various applicable laws," Gammon said in the notice.

Shares of Gammon India Ltd opened in green, and gained 16.33% touching a high of Rs 15.60. The share price was trading up 11.11% at Rs 14.90, at 1412 hours, on BSE Sensex, on Monday.