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| Exchange Disseminated Time | Gangotri Textiles Ltd has informed BSE that the Company has made a Follow-on Public Issue for Rs 55 crores in terms of the Company’s Prospectus dated May 29, 2006. The Public Issue was towards a Project involving a total outlay of Rs 351 crores. The Project inter alia envisaged setting up 6 Nos Wind Electric Generators of 1.65 MW each. Of this, the Company has already installed 3 Nos and they have been commissioned also. In fact, these 3 Nos form part of Phase - I of the Project. The other 3 Nos Wind Mills are to come under Phase - II of the Project and the debt portion attributable to the Wind Electric Generators in Phase - II is not covered by TUF Scheme.
Though the Company has commissioned its 3 Nos Wind Electric Generators in Phase - I, the Company has been experiencing difficulties in evacuating power generated due to constraints in TNEB as well as the surplus power position prevailing in the State of Tamil Nadu. In this backdrop, installing further 30 Nos Wind Electric Generators and that too, by resorting to debt at full rates of interest is considered inadvisable.
Accordingly, the Company held discussions with its Bankers who are lenders for the Project and they have agreed for the Company dropping these 3 Nos Wind Mills in Phase - II and instead, utilizing the portion for the Phase - I of the Project which will - automatically come under TUF Scheme.
Thus, by taking this revised view, the Company has the double advantage viz., (1) that the Company need not be under utilizing its Wind Electric Generators and (2) the same debt portion the Company will be availing under TUF Scheme by which the interest rate will stand reduced by 5 %. |
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