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Gammon Infrastructure may raise funds through QIP

Thursday, 24 Sep 2009
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Gammon Infrastructure Projects may raise Rs 500 crore through the qualified institutional placement (QIP) route, as per sources.

The capital outlay of the company's 18 projects is expected to exceed Rs 10,000 crore. Gammon’s projects worth Rs 4,700 crore have already achieved financial closure, while projects worth another Rs 1,250 crore are to achieve financial closure by March 2010.

The company had infused Rs 1,900 crore by way of equity and debt to part-finance its capex plans. However, to implement the remaining projects the company is expected to have to raise Rs 500 crore of its own resource towards equity contribution in the SPVs.

The company is yet to achieve financial closure for Rangit II Hydro Electric project in West Sikkim, Pravara co-generation power project in Maharashtra and Paradip Iron Ore berth project at Paradip Port.

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