GMR Infrastructure’s promoters are planning to raise their stake in the company by infusing Rs 600 crore through warrants. In this regard, the company has received its board’s approval for proposal to issue up to 180 million warrants, entitling up to 18 million shares, under preferential allotment to promoters.
The price will be Rs 30 to Rs 34 a share, the same as in the qualified institutional placement (QIP) GMR launched on July 02, 2014 after market hours.
Moroever, the company is hoping to raise Rs 1,200 crore through the QIP route, mainly to strengthen its net worth (debt is Rs 40,000 crore). It will channel a part of the proceeds to a 1,370-Megawatt (Mw) coal power plant it is setting up in Chhattisgarh.
GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets.
