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| GMR Infrastructure to raise growth capital |
| BS Reporter / Bangalore May 04, 2009, 13:19 IST |
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GMR Infrastructure, the Bangalore-based infrastructure developer focussed on airports, power generation, highways and urban infrastructure, is expected to pass an enabling resolution to raise growth capital through issue of equity share or Convertible Debentures or Foreign Currency Convertible Bonds or any other securities.
A senior finance official of the company declined to spell out the quantum of fund to be raised. "All our existing projects have been funded and we are getting shareholders approval on May 9, 2009 as growth capital for future projects," he noted.
GMR Infrastructure is leveraged close to 1.2 times and has a debt of around Rs 10,000 crore and is involved in upgrading New Delhi airport in addition to having put up a greenfield international airport at Hyderabad. The promoters hold close to 75 per cent in the company and at current market price of Rs 117 per equity share is valued at 15,000 crore. The market cap of the firm is around Rs 21,000 crore.
The promoters over the past six months have invested to increase their holdings to 75 per cent from around 70 per cent by taking advantage of low stock prices which had hit a 52-week low of Rs 45 per share. GMR Holdings, the promoter's holding company, has also pledged close to 19 per cent of their holding.
GMR Infrastructure during last fiscal raised close to $1 billion through a QIP issue and has around Rs 1,500 crore still left from that issue.
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