GMR Infra begins QIP to raise up to $250 mn

GMR Infrastructure today began the sale of shares to overseas institutional buyers to raise up to $250 million (about Rs 1,100 crore).

The shares would be sold to qualified institutional buyers (QIBs) and the company aims to mop up $250 million through the placement, according to market sources.

The floor price of the offering is Rs 62.13 per share and the issue would close tomorrow morning, they added.

Bank of America Merrill Lynch is the sole global coordinator and lead book running manager for the issue.

The lead managers are Axis Bank, ICICI Securities and IDBI Capital Market Services.

GMR Infrastructure is engaged in generation of power, development of expressways and airport infrastructure facilities, among others.

Shares of the company gained 1.51 per cent to close at Rs 63.85 on the Bombay Stock Exchange today.

On April 9, GMR Infrastructure's board of directors had approved plans to raise up to Rs 500 crore through issue of unsecured non-convertible debentures on private placement basis.