Construction and engineering firm Gammon India said that it had decided to raise USD 200 million (INR 958.6 crore) in qualified institutional placement in accordance with SEBI rules.
Gammon India in a disclosure to the BSE said that the board of directors took a decision to this effect at its meeting.
It said that the board approved the proposal to further issue securities to qualified institutional buyers upto an amount not exceeding USD 200 million.
The fund raising proposal is subject to final clearance from shareholders and regulatory authorities.
The board also decided on the draft notice of a postal ballot, seeking shareholders permission for the proposed fund raising. The firm is involved in the development of infrastructure projects on public private partnership basis through its subsidiary Gammon Infrastructure Projects Ltd.
