Gayatri Projects Ltd. (GPL) has announced that its board has approved a private equity funding of Rs 100 cr in Gayatri Infra Ventures Ltd (GIVL) from AMP Capital Finance Mauritius, in a filing to BSE.
GIVL plans to use the investment raised to fund existing projects as well as future bids and concessions. It has diluted 29.41% of its equity to AMP Capital which would put in remaining Rs 100 cr as and when the need arises. GPL further plans to invest Rs 400 crore as equity. GIVL has an authorised capital of Rs 625 crore. GPL had this year separated its BOT (Build Operate Transfer) road arm to form GIVL.
In the same meeting, GIVL also got approval for allotment of 1.2 mn equity shares to GPL worth about Rs 125 cr in lieu of GPL hiving off its investment in BOT projects to GIVL. Additionally, Hari Vittal Rao has been appointed as an independent director on the board of GIVL.
AMP has made this investment from its $750 mn Asian Giants Infrastructure Fund (AGIF). Its earlier investments include Bharti Telecom, Tata Teleservices, Jet Airways and Gati Ltd.