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| Exchange Disseminated Time 18/07/2016 07:41:38 | Gayatri Projects Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 16, 2016, have accorded approval to following business;
1. Unanimously approved Composite Scheme of Arrangement ("Scheme") between Gayatri Projects Limited, Gayatri Infra Ventures Limited and Gayatri Domicile Private Limited providing for:
a) Transfer of investments in Sai Maatarini Tollways Limited from Gayatri Projects Limited to Gayatri Domicile Private Limited at book value. The lump-sum consideration of Rs. 180,16,03,000 (One Hundred and Eighty Crores Sixteen Lacs Three Thousand only) will be paid in the form of 1,24,60,000 (One Crore Twenty-Four Lacs Sixty Thousand) equity shares of Rs. 10 each (fully paid) and 16,77,00,300 (Sixteen Crore Seventy-Seven Lacs Three Hundred) redeemable preference shares of Rs. 10 each (fully paid) of Gayatri Domicile Private Limited;
b) Post transfer of investments, merger of Gayatri Infra Ventures Limited with Gayatri Projects Limited;
c) Post merger of Gayatri Infra Ventures Limited with Gayatri Projects Limited, transfer of Infrastructure Road BOT Assets Business from Gayatri Projects Limited to Gayatri Domicile Private Limited
2. Took on record Share Entitlement Report submitted by M/s SSPA & Co. (Chartered Accountants).
3. Took on record the Fairness Opinion dated July 16, 2016 issued by Inga Capital Pvt. Ltd. on the Share Entitlement Report of M/s SSPA & Co. (Chartered Accountants). |
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