Four private equity (PE) funds have invested Rs 584.60 crore in GMR Infrastructure’s subsidiary GMR Airports Holding. The investment by Standard Chartered Private Equity (Mauritius) III, JM Financial-Old Lane India Corporate Opportunities Fund I, Build India Capital Advisors LLP and JM Financial Trustee Co. has been made in the form of compulsorily convertible preference shares in GMR Airports. However, the company has not unfold about how much stake PE investors will hold after converting the preference shares, or give a timeline for conversion.
This is the second tranche of PE investment in the Bangalore-based firm after it raised $200 million from SBI Macquarie Infrastructure Fund on March 31, 2011 through a similar placement of compulsorily convertible preference shares. The shares will be convertible at the time the company goes for a public listing.
GMR infrastructure’s business activities involve development of various infrastructure projects in power, airport and SEZ segments.