Gayatri Projects Ltd has decided to invest in redeemable preference shares issued by Gayatri Hi-tech Hotels Limited in lieu of outstanding EPC receivables of Rs 235 crore from the latter.
The Board of Directors of the Company at its meeting late last week decided to invest in nine per cent Non-Convertible Cumulative Redeemable Preference Shares of Rs 100 each (including a premium of Rs 90 per share) issued by Gayatri Hi-Tech Hotels Limited (GHHL).
The GHHL EPC contract had helped the company gain mileage with clients showcasing its ability to build high-end commercial buildings in addition to its core road, irrigation and industrial construction prowess, according to a statement made to BSE.