GMR Infrastructure board approves Rs 5,000 crore raising
According to a Monday announcement by the GMR Group flagship company, GMR Infrastructure Ltd, the board of the company has given its approval to a projected capital raising of Rs 5,000 crore. The company said that a general meeting of the shareholders has been scheduled for June 9.
In its filing to the Bombay Stock Exchange (BSE), GMR Infrastructure said its board has given the approval for the amount to be raised by way of either a preferential issue, or Qualified Institutional Placement (QIP), or else private placement of shares in the Indian as well as overseas markets.
In addition, the company also mentioned that, for the raising of the abovementioned fund, it has planned to issue equity shares or FCCBs - Foreign Currency Convertible Bonds - or American Depository Receipts - ADRs.
The filing also included the information that the GMR Infrastructure board-members have also given its consent for the preferential allotment of equity shares to IDFC Infrastructure Fund - India Development Fund.
As per the performance of the GMR Infrastructure shares in the Monday morning trade on the BSE, the company's shares fell by 2.73 percent, to trade at Rs 114.
