Domestic banking institutions and foreign financial investors (FIIs) have picked up around 9% stake in GMR Infrastructure for around $1 billion through a qualified institutional placement (QIP).

The deal involves selling part-stake by promoters and issuing fresh shares, and is the largest among the recent QIP deals. The investors include State Bank of India (SBI), Canara Bank, Capital International, Citigroup, T Rowe Price, Credit Agricole, UBS and Kotak Mahindra.

SBI and Canara Bank were the largest investors in the QIP, investing Rs 500 crore each.
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At Bombay Stock Exchange (BSE) shares of the GMR closed at Rs 243.20 on Wednesday. Currently, GMR is bidding for Tuas Power of Singapore.

Earlier this year, the GMR consortium bid $2.7 billion for the Istanbul project.

The companies which were acted as joint book-running managers for the QIP issue include Citigroup Global Markets, JM Financial, JP Morgan, Kotak Mahindra Capital Company, Lehman Brothers Securities and UBS Securities.