Gammon Infra okays Rs 200 cr rights issue

MUMBAI: Construction and engineering firm Gammon Infrastructure Projects Ltd today said it has approved the Rs 200 crore rights issue.

The board of directors of the company passed a resolution to this effect at its meeting held on Thursday, Gammon Infrastructure Projects said in a filing with the Bombay Stock Exchange.

The final decision is subject to the terms being finalised with merchant bankers, it said.

However, the board deferred any decision on issue of preference shares to Gammon India Limited which is the promoter firm, it said.

The board also appointed R K Malhotra as whole time director from April 1, it said.

The board re-designated Himanshu Parikh as Vice Chairman on relinquishment of executive functions with effect from April 1, it added.

Shares of the company closed at Rs 17.85, marginally down from the previous close on the BSE.