Gammon India to raise funds via QIP route

Gammon India is planning to raise funds through a qualified institutional placement (QIP) issue. The company has received the approval from its board of directors for the same at a meeting held on September 25, 2009.

Further, the amount of the issue shall not exceed $200 million, subject to shareholders approval and SEBI (Issue of Capital & Disclosure Requirement) Regulations, 2009 and other applicable laws.

The company is expected to take the approval of its shareholders for the proposal.

Gammon India is one of the largest civil engineering construction companies in India, which has experience in designing and constructing bridges, ports, harbours, thermal and nuclear power stations, dams, high-rise structures, chemical and fertilizer complexes environmental structures, cross country water, oil and gas pipelines.