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The board of directors of Gayatri Projects Ltd today which will enable the company and its subsidiary to transfer road build, own and operate (BOT) mode road projects to Gayatri Domicile Ltd.
Post the transfer of assets, and completing the scheme, the securities of Gayatri Domicile are proposed to be listed on BSE and NSE.
In a regulatory intimation to BSE, Gayatri Projects informed that the board unanimously approved the composite scheme of arrangement between Gayatri Projects Ltd, Gayatri Infra Ventures Ltd and Gayatri Domicile Pvt Ltd.
This will enable the transfer of investments in Sai Maatrani Tollways Ltd from Gayatri Projects Ltd to Gayatri Domicile Pve Ltd at book value. The lump-sum consideration of Rs 180 crore will be paid in the form of 1,24,60,000 equity shares of Rs 10 each and Rs 16,77,00,300 redeemable preference shares of Rs 10 each of Gayatri Domicile Pvt Ltd.
Post transfer of investments, merger of Gayatri Infra Ventures Ltd with Gayatri Projects Ltd, transfer of road BOT assets business will be brought about from Gayatri Projects to Gayatri Domicile Ltd.
The company secured fairness opinion from Inga Capital on share entitlement report.
Gayatri Projects Ltd has two subsidiaries Gayatri Infra Ventures Ltd (GIVL) and Gayatri Energy Ventures Pvt Ltd. The former is the road development arm which is working on six operating assets and one under construction project, adding up to gross capital of over Rs 5,000 crore. While GIVL is a 70.59 per cent subsidiary of Gayatri Projects, 29.41 per cent is held by AMP Capital Finance Mauritius Ltd.
There is a definitive agreement in place between Gayatri Projects and AMP Capital for the acquisition of the balance shareholding in the GIVL. Post the completing the merger scheme, the securities of Gayatri Domicile are proposed to be listed.
Gayatri Projects shares closed at Rs 622.80, down 1.5 per cent at BSE on Friday.
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