Gayatri Projects, in line with its stated strategy, is pursuing monetisation of its stake in Sembcorp Energy India (SEIL). The stake sale was being undertaken to improve company's liquidity position; however, despite its best efforts, the Company was not able to fast track the same and as a result there was a delay in Company's debt service obligations. The SEIL stake sale has now progressed significantly and the Company expects to close the said deal before the end of the current calendar year.

Post the completion of the SEIL deal, GPL will be able to significantly de-leverage its balance sheet and overcome its temporary liquidity crunch. The delays in debt obligations, has resulted in a ratings downgrade by CARE to 'D' from the earlier rating of 'BB+' .

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The Board of Gayatri Projects at its meeting held on 16 November 2019 has approved the disposal of asset/shares held by material subsidiary Gayatri Energy Ventures (Wholly owned subsidiary of the Company) in Sembcorp Energy. The Board also approved the resignation of J.N. Karamchetti, as Non-Executive Independent Directorof the Company w.e.f 14 November, 2019.

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Gayatri Projects will hold a meeting of the Board of Directors of the Company on 16 November 2019.

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Net Loss of Gayatri Projects reported to Rs 21.52 crore in the quarter ended September 2019 as against net loss of Rs 3.05 crore during the previous quarter ended September 2018. Sales rose 14.13% to Rs 697.71 crore in the quarter ended September 2019 as against Rs 611.34 crore during the previous quarter ended September 2018.

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