Mumbai: GMR Infrastructure is eyeing financial closure of power projects costing about Rs100 billion in the next four months, and its unit GMR Energy may not go for an initial public offer before March 2010, its senior official said on Thursday.
“In next four months we are planning to achieve the financial closure for about 2,500 MW,” for three power projects costing about Rs100 billion, with a debt component of about Rs75 billion, group chief financial officer A. Subba Rao said.
The projects include a 1,200 MW project in Chhattisgarh, 600 MW in Maharashtra, and the remaining at existing plants, he said.
“We are evaluating whether we go for private equity or initial public offering,” for unit GMR Energy in the short term, but have long-term plans of going public, he said.
“Most probably it (IPO for GMR Energy) may not happen before March 2010,” he added.
Earlier in June, the firm had cancelled plans to raise funds through a qualified institutional placement.
GMR will raise Rs75 billion via an independent share sale in its business units of roads, energy, airports and international business after investors shunned a share offering in June, The Economic Times reported on Thursday.
The funds will be raised over a period of 2-3 years for funding growth in its businesses, Rao told Reuters.
At 11:46am, GMR Infra shares were trading up 0.29% at Rs140.10, in a firm Mumbai market.