Home >market >stock-market-news >GMR Infrastructure seeks Sebi nod for Rs1,500 crore rights issue

Mumbai: GMR Infrastructure Ltd has sought market regulator Securities and Exchange Board of India’s (Sebi’s) clearance to raise up to 1,500 crore through a rights issue.

The company would issue equity shares for an aggregate amount “not exceeding 1,500 crore on a rights basis" to its shareholders, a draft letter filed by the firm with Sebi showed.

In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.

The funds raised from the issue would be utilized towards repayment of certain borrowings availed by GMR Infrastructure, investment in its subsidiary—GMR Energy Ltd—as well as for general corporate purposes, the company said in the draft offer letter.

JM Financial Institutional Securities, Axis Capital, ICICI Securities and SBI Capital Markets are the lead managers to the issue. Karvy Computershare is the registrar to the issue.

The company said that it “has received in-principle approvals from the BSE and the NSE for listing the equity shares to be allotted pursuant to the issue".

GMR Infrastructure has interest in sectors such as airports, roads, power plants and urban infrastructure. For the year ended 31 March 2014, the consolidated income of the company from operations stood at about 10,567 crore.

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