GAMMON INDIA LTD. - Outcome of Board Meeting

Gammon India Ltd has informed BSE that the Board of Directors of the Company at its Adjourned meeting held on December 18, 2015, inter alia, has transacted the following:<BR><BR>- The Board also took note of 'Notice of Conversion of Debt' into equity shares of the Company, issued by ICICI Bank as the Monitoring Institution on behalf of the CDR Lenders under the Strategic Debt Restructuring Package. As per the notice, twelve (12) lenders have decided to convert part of their outstanding debt and interest amounting to Rs. 245 crores into equity shares of the Company at a price of Rs. 11.89 per equity share (face value of Rs. 2/- each), thus acquiring 60.10% of the equity capital of the Company.