Gammon India board allots equity shares at Rs. 11.89 per share

Gammon India Ltd has announced that the Securities Allotment Committee of Directors at their meeting held on December 29, 2015, has allotted 15,10,54,133 equity shares of F.V. Rs.2 each at a price of Rs. 11.89 per share aggregating to Rs. 179,60,33,641.

Gammon India Ltd has announced that the Securities Allotment Committee of Directors at their meeting held on December 29, 2015, has allotted 15,10,54,133 equity shares of F.V. Rs.2/- each at a price of Rs. 11.89 per share aggregating to Rs. 179,60,33,641 to 11 (eleven) CDR Lenders on conversion of part of their outstanding loan and interest into equity shares of the Company pursuant to Notices dated December 18, 2015 & December 28, 2015 for conversion of debt Into equity shares under Strategic Debt Restructuring Package of the Company issued by ICICI Bank in its capacity as a Monitoring Institution, acting on behalf of the CDR Lenders. With this allotment, the CDR Lenders collectively hold 52.55% of the total equity capital of the Company.

Gammon India Ltd is currently trading at Rs. 17.6, down by Rs. 0.4 or 2.22% from its previous closing of Rs. 18 on the BSE.

The scrip opened at Rs. 18 and has touched a high and low of Rs. 18.25 and Rs. 17.45 respectively. So far 459404(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 245.7 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 30 on 05-Jan-2015 and a 52 week low of Rs. 10.75 on 10-Sep-2015. Last one week high and low of the scrip stood at Rs. 19.8 and Rs. 17.45 respectively.

The promoters holding in the company stood at 34.99 % while Institutions and Non-Institutions held 14.34 % and 50.68 % respectively.

The stock is currently trading below its 200 DMA.