New Delhi: GMR Infrastructure Ltd has decided to raise fresh funds via qualified institutional placement (QIP), a senior company official said on Wednesday.
“Our 9 June shareholder meet will consider the issue. We should be able to decide on the amount to be raised in two-three days,” the official said.
A 14 May communication to the exchanges by the company had talked about raising not more than Rs5,000 crore through various instruments. Investment banking sources pegged the amount to be raised via QIP at $500 million (Rs238 crore).
“The money will be used to fund several energy and road projects and also to build a war chest for future expansion,” the GMR official said.
GMR group chief financial officer Subbarao Amarthaluru had said earlier in January that of the various projects being set up by the group, only the 1,050MW power project at Kamalanga in Orissa, and the Delhi airport would incur capital expenditure in 2009-10.
Aircel plans to raise Rs8,000 cr from banks
New Delhi: Aircel Ltd is in talks with State Bank of India and nine other banks to raise Rs8,000 crore, an official of the telecom service provider said on Wednesday.
“We have a huge expansion programme. We also plan to take Rs2,000-4,000 crore foreign currency loans. The tenure of all loans is likely to be 10 years,” the official said.
Aircel is a 74:26 joint venture between Malaysia’s Maxis Communications Bhd and Apollo Hospitals Enterprise Ltd’s Reddy family. While Maxis holds 65% directly, it hold 9% through another joint venture it has with the Reddys.
At the end of April, Aircel had 19.58 million mobile users and held 6.6% share of the total market for services based on GSM technology.