Brief: Gammon India says DBS Bank to convert part of outstanding debt OF 49 mln rupees into 4.1 mln shares
01/06/2016 13:31
June 1 (Reuters) - Gammon India Ltd GAMM.NS : * Got "notice of conversion" from dbs bank for conversion of part of outstanding debt into equity shares under sdr package of company * Post conversion the total shareholding of the cdr lenders and dbs bank will be 63.07% of the total equity capital of the company * Dbs bank has decided to convert part of outstanding debt and interest aggregating to 49 million rupees into 4.1 million equity shares at 11.89 rupees per share each * Source text:[Gammon India Ltd has informed BSE that the Company has received a "Notice of Conversion" from DBS Bank (one of the Joint Lenders) for conversion of part of outstanding debt into equity shares under the Strategic Debt Restructuring Package of the Company. Pursuant to this notice, DBS Bank has decided to convert part of its outstanding debt and interest aggregating to Rs. 4.90 crores into 4,124,496 equity shares of the Company of face value of Rs. 2/- each at a price of Rs. 11.89 per equity share. Post this conversion the total shareholding of the CDR Lenders and DBS Bank will be 63.07% of the total equity capital of the Company] * Further company coverage GAMM.NS ((Bengaluru Newsroom; +91 80 6749 1130))