GAMMON INDIA LIMITED
GAMMON INDIA LIMITED
GAMMON INDIA LIMITED
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The following table shows:<br />
CAPITALISATION<br />
the Company’s consolidated capitalisation as at March 31, 2009; and<br />
the Company’s consolidated capitalisation as adjusted for the Issue, and the application thereof.<br />
This table should be read in conjunction with the Company’s consolidated financial statements as of and for<br />
the year ended March 31, 2009 and the related notes, the section “Management’s Discussion and Analysis<br />
of Financial Condition and Results of Operations” and other financial statements and information contained<br />
in this Placement Document.<br />
31<br />
(Rs. in million)<br />
As at<br />
March 31, 2009<br />
As Adjusted<br />
for the Issue<br />
Shareholders’ Funds:<br />
Share capital (1)(2) 1,267.12 1,292.74<br />
Employee stock option (3) 43.92 43.92<br />
Reserve and surplus 15,554.47 18,510.44<br />
Total shareholders’ funds 16,865.51 19,847.10<br />
Minority Interest 2,318.33 2,318.33<br />
Loan Funds<br />
Secured loans 24,608.20 24,608.20<br />
Unsecured loans 18,665.30 18,665.30<br />
Total debts 43,273.50 43,273.50<br />
Total capitalisation 62,457.34 65,438.93<br />
(1) Pursuant to the ATSL Scheme, the Company has on September 9, 2009 issued 3,000,000 6% optionally convertible<br />
preference shares of Rs. 350 each to the erstwhile preference shareholders of ATSL. These preference shares have<br />
become non convertible since the preference shareholders did not exercise the option to convert them into Equity<br />
Shares. These preference shares are redeemable within a period of 5 years.<br />
(2)Pursuant to a shareholder resolution dated June 17, 2009, the Company has allotted 16,000,000 warrants convertible<br />
into 16,000,000 Equity Shares on July 9, 2009 to the companies forming part of its promoter group at a price of Rs.<br />
90.20 per warrant (including a premium of Rs. 88.20 each).<br />
(3) Pursuant to the amalgamation of ATSL with the Company, the outstanding options of the employees of the erstwhile<br />
ATSL outstanding as on April 1, 2008 have been taken up by the Company in accordance with the scheme of<br />
amalgamation of ATSL with the Company (“ATSL Scheme”) approved by the court. Accordingly, the Company has<br />
accounted for the grant of 106,300 options to such employees at an exercise price of Rs. 80 per share. The Company<br />
will issue two equity shares against each option in terms of the ATSL Scheme approved by the courts.<br />
The options were granted by the erstwhile ATSL on March 27, 2007. The options vest in a graded manner over the<br />
period of four years and are exercisable during a period of three years from the date of vesting thereof.<br />
Since the assets and liabilities of the erstwhile ATSL have been accounted at the book value, the accounting effects in<br />
the accounts are continued at the same value.<br />
The fair value of the option however has been computed under the Black Scholes method considering the data of the<br />
Company as on the date of grant of option for the purpose of disclosure as required under guidance note on employee<br />
share based payments detailed hereunder.<br />
Options granted on March 27, 2007: -