GMR gets approval to raise Rs. 5,000 crore
Infrastructure and power subsidiary of GMR Group, GMR Infrastructure Ltd. has got approval from its board of directors to raise Rs. 5,000 crore. This will be done in form of equity.
Surprisingly, the approval comes just two months after the Singaporean investment firm, Temasek Holdings put in $200 million in the company. Before that, the company was able to raise $315 million by selling its shares to various institutions.
Meanwhile, as per the filing with the BSE, GMR Infra is going to raise Rs. 5,000 crore through many routes including global depository receipts (GDRs), American depository receipts (ADRs), foreign currency convertible bonds (FCCBs) and qualified institutional placement (QIP).
The money thus raised will be used by the Hyderabad-based company to focus on its core-business. This means that more and more emphasis will be given to areas of infrastructure and energy.
GMR Infra has lately shifted its focus from other forms to generation of power. Also making it to the list are the areas of development of roads, highways, expressways besides airports.
Post the news, the share price of the company came down and were trading at Rs. 55.05, down by 1.95 per cent at 1:10 pm.