GVK Power & Infra to raise Rs2,500 cr via QIP

GVK Power & Infra to raise Rs2,500 cr via QIP

Mumbai: GVK Power & Infrastructure has said that it will raise Rs2,500 crore through qualified institutional buyers (QIB).

The board of directors at its meeting has further approved the allotment of 30 crore convertible warrants to promoter group, the company said in a filing to the Bombay Stock Exchange (BSE).

Besides, the company would retain the excess amount of Rs500 crore received from the institutional placement of shares.

The company would raise Rs2,500 crore (with a green shoe option to retain up to Rs500 crore from the excess subscription received) by issuing securities to qualified institutional buyers and would also allot 30crore shares or convertible warrants to promoters and promoter group, it said.

The said proposals are subjected to the shareholders approval.

Shares of GVK Power & Infrastructure settled at Rs47.70, up 6.24% on the BSE.