Gammon Infrastructure Projects Ltd. - Update Under Regulation 30 Of SEBI (LODR) Regulations ...

This is further update in continuation to the Companys letter dated 16th November, 2018, wherein we informed you that Canara Bank Securities Limited (Security Trustee), had invoked pledge on 10,40,19,039 equity shares of Rs.10/- each constituting 51% of equity shares of Rajahmundry Godavari Bridge Limited (RGBL), held by the Company into their DP account on 30th October 2018 as per the instructions from Canara Bank, Lead Bank of the Consortium of Lenders to RGBL thereby reducing Companys shareholding from 75.28% to 24.28%.

In this regard, the Company had written to the Lead Bank / Security Trustee for assigning a value to the invoked pledged shares. In response to the same, the Lead Bank has informed to the Company that the invoked pledged shares of RGBL are currently held by the Security Trustee as collateral and the Lenders have not appropriated the pledged shares against outstanding dues nor have the pledged shares been sold to any third party for realising the outstanding dues. Given that the pledged shares are not transferred to the DP account of the Lenders or any third party, the beneficial ownership of the pledged shares currently vests with the Company only.

Accordingly, the beneficial shareholding of the Company in RGBL stands at 75.28% and RGBL de facto continues to be a subsidiary of the Company.

Please take the above on your record.

Pdf Link: Gammon Infrastructure Projects Ltd. - Update Under Regulation 30 Of SEBI (LODR) Regulations, 2015 Regarding Rajahmundry Godavari Bridge Limited

Source : BSE - www.bseindia.com

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