BSE-listed GI Engineering Solutions Ltd has raised Rs 1.98 crore form Abu Dhabi-based Fortune Private Equity LLC in a preferential issue. The private equity firm will end up taking a 12.77% stake in the post-diluted share capital of the Mumbai-based firm. GI Engineering is engaged in offshore engineering design specialising in civil engineering and IT support.
The Gulf-based PE firm invests from Fortune Super Equity Management LLC, in which the principal shareholder is the Royal Family in Abu Dhabi, according to its
The shares have been allotted at Rs 18 per unit, including a premium as per Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations), said GI informing the exchanges. The board has approved this decision. The shares of the company were up by nearly 5% today at Rs 23.6 after the deal was announced.
For FY09, GI reported revenues of Rs 2.1 crore with a net profit of Rs 19.6 lakhs.