Gayatri Projects (GPL), an infrastructure company, proposed dilution of company's stake in NCC Power Projects to below 45%.
Gayatri's wholly owned subsidiary Gayatri Energy Ventures is a major partner in NCC Power Projects, which is building a 1,320 MW Coal fired plant in Nellore district in Andhra Pradesh.
At present preliminary discussions are taking place between NCC Infra and Sembcorp for the investment in NCC power projects, which is subject to a detailed technical, financial, commercial & legal due diligence.
The terms of investment including structuring will be finalized after the due diligence process and negotiations are completely between the parties. As a result of the proposed investment the stake of the Gayatri Energy ventures (WOS of Gayatri Projects) (Q,N,C,F)* may be reduced below 45%.
Shares of the company gained Rs 2.3, or 4.04%, to trade at Rs 59.20. The total volume of shares traded was 44,696 at the BSE (12.10 p.m., Monday).
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