Mumbai-based Gammon India has decided to raise $200 million through qualified institutional placement (QIP) in accordance with SEBI rules.

In a latest development, the board of directors of the company took a decision to this effect at its meeting held on Friday. The board approved the proposal to further issue securities to qualified institutional buyers up to an amount not exceeding $200 million.

However, the fund raising proposal is subject to final clearance from shareholders and regulatory authorities.

Gammon India Limited provides infrastructure engineering and construction services in India and internationally.

The scrip of the company closed on Friday at Rs 194.70 on the BSE.