BackGMR Infra gets board approval to raise `2,500 crore
The company, in a stock exchange filing, said the fund-raising could be either through a public offer or a private placement
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Mumbai: Bangalore-based infrastructure conglomerate GMR Infrastructure Ltd on Friday said it had secured the approval of its board of directors for raising up to ₹ 2,500 crore by issuing foreign currency convertible bonds or other securities in a follow-on offer.
The company, in a stock exchange filing, said the fund-raising could be either through a public offer or a private placement. It did not disclose more details.
A GMR spokesperson said the board approval was “just an enabling resolution" and that the company would decide on the modality of raising funds and its utilisation “in due course".
GMR Infrastructure had a total stand-alone debt of ₹ 4,085.46 crore in September. Consolidated debt was ₹ 40,139.68 crore.
GMR Infrastructure fell nearly 2% to ₹ 23 a share on BSE on Friday, while India’s benchmark Sensex index fell 1.12% to 21,133.56 points.
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