Gayatri Projects completes stake sale of Sembcorp Energy

Gayatri Projects today informed the bourses that it has completed the sale of its 5.95 per cent stake in the power assets of Sembcorp Energy India Limited. The company had held this stake through its material subsidiary Gayatri Energy Ventures Private Limited. From this transaction, the company has received a cash consideration of Rs 406.77 crore.

The company had signed a non-binding definitive agreement on December 04, 2019, and has now successfully completed the said transaction.

The company said that almost Rs 206.9 crore would be used for the repayment of Debentures issued by GEVPL. Further, the remaining amount would be used to meet the working capital requirements of the company and for other general corporate purposes. Gayatri Project’s management has been working on the de-leveraging of the balance sheet and this deal is in line with its stated strategy.

In today's trading session, the stock of Gayatri Projects opened at Rs 82 apiece and touched an intraday high of Rs 83. At 12.54 pm, the stock was trading at Rs 82.5 apiece, up by 1.6 per cent from the previous close.