Gayatri Projects raises Rs 128 cr from IDBI

Hyderabad-based Gayatri Projects  today said it has raised Rs 128 crore from IDBI to part-fund its outstanding Rs 147 crore Foreign Currency Convertible Bond (FCCB).

The infrastructure developer had earlier raised around Rs 186 crore in Japanese currency Yen through a FCCB, but made Rs 38 crore repayment in the interim. The remaining Rs 147 crore was due for redemption on August 3.

"The company is pleased to announce that it has raised ECB worth JPY 190 crore from IDBI Bank to honor its redemption obligation and has transferred the balance outstanding amount of JPY 219 crore to Bank of New York Mellon Account, Brussels to complete the outstanding redemption," Gayatri Projects said in a statement to BSE.

It has funded the rest of the repayment obligation from internal accruals.

Company's shares today settled at Rs 116.10 apiece at the BSE, down 3.17 percent over the previous closing.