Gayatri Projects Limited (GPL), a prominent and well established infrastructure company specializing in road, irrigation, power transmission and industrial projects, with a pan India presence and a strong asset development portfolio has initiated redemption process of Foreign Currency Convertible Bonds.
GPL has proposed to Bondholders to complete the FCCB redemption in two tranches and has remitted JPY 572,000,000 (Rs400 mn) to the Trustee’s account towards redemption of Foreign Currency Convertible Bonds that matured on August 3, 2012, marking the first tranche payment.
Additionally GPL will remit the second and the final tranche of the remaining amount, JPY 2,185,480,600 (Rs1,530 mn) by the end of September 2012, following which the total FCCB liability of JPY 2,757,480,600 will cease to exist.
The repayment has been part financed by internal accruals and partly thorough debt for which it has received sanction.
GPL’s operations including both its own and its Road and Power BOT projects are all progressing in line with plan.