Gayatri Projects rises 5%

Gayatri Projects is on the buzz today morning, rising to its 5% UC of Rs.73.40, a complete turnaround from the 5% LC it hit yesterday at Rs.68.90.

Gayatri Energy Ventures Pvt. Ltd. (GEVPL), a wholly subsidiary of Gayatri Projects Ltd.(GPL) with its nominees, currently own 323,453,773 equity shares (5.95%) in Sembcorp Energy India Limited (SEIL). GEVPL has offered to sell its existing equity of 5.95% in  SEIL to SCU and SCU has agreed to purchase the same.

The consideration agreed between the parties for sale of 5.95o/o equity stake in SEIL to SCU is Purchase Price of appx. Rs.406 crore.

The acquisition will be funded through a mix of internal funds and borrowings. The company has also said that there is a potential for future earn-outs for GEVPL on the achievement of certain milestones by SEIL.