Gammon India today said its board will this week consider a proposal received from an investor for investment in the company’s engineering procurement and construction business.
“A meeting of the board of directors of the company will be held on April 2, 2016, to consider a proposal received from an investor for investment in the company’s Engineering Procurement & Construction (EPC) business,” Gammon India Ltd said in a filing to BSE.
“Further, pursuant to provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015, and as per the terms of the company’s, ‘Insider Trading Code For Regulating Monitoring and Reporting of Trading by Insiders’, the trading window shall remain closed from April 2-5 for directors, officers and designated employees as defined in the Code,” it said.
Last month, the company had said three of its lenders including IDBI Bank have decided to convert loans worth Rs 22.25 crore into equity.
Post this conversion, the total shareholding of the CDR lenders will be 55.43 percent of the total equity capital of the company, it said.