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| Exchange Disseminated Time | With reference to the earlier announcement dated January 11, 2016, Gayatri Projects Ltd has now informed BSE that the Board of Directors of the Company at its meeting held on April 14, 2016, inter alia:
Considered the various options for restructuring Infrastructure Road BOT assets of the Company. The Board has, subject to final approval of lenders, banks, clients, creditors, other interest holders in the company and regulatory authorities, accorded in-principle approval to rationalize the businesses and decided to formalize the final proposal to transfer the Infrastructure Road BOT assets into a separate entity through a process which is most beneficial to the Company, its shareholders and lenders.
Further, to achieve the said objective, the Board has delegated the powers to ISSUE & ALLOTMENT COMMITTEE to appoint intermediaries' viz. Valuer, Merchant Banker, Lawyer etc. and give final proposal, Draft Scheme of Arrangement, Share Entitlement / Exchange Ratio, etc.
Draft Scheme of Arrangement, Share Entitlement / Exchange Ratio, etc, will be considered and approved by the Board in the subsequent Board meeting.
The Company will continuously update the developments of the above process to the exchanges under Regulation 30 (material information). |
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