GMR raises Rs 1,500 crore through QIP

Issue attracted investments worth Rs 2,300 crore

GMR Infrastructure, the infrastructure developer, which launched the QIP on Wednesday, has finally raised Rs 1,500 crore which saw active investors interest from globally renowned players. According to information available from the market sources, the QIP saw high interest and attracted total investments worth Rs 2,300 crore almost double the required sum. GMR had initiated the process to raise Rs 1,200 crore but finally went ahead and closed the issue at Rs 1,500 crore.

According to information available, the average price was Rs 31.50 per share and blue-chip investors including GIC of Singapore and funds managed by George Soros participated in the QIP. The investors will be getting around 9% through this issue in GMR Infrastructure.

GMR will be ploughing in the sum to strengthen its networth which under high leverage at as much as close to 4 times under a debt of Rs 40,000 crore. In addition to this, GMR will also be using a part of this proceeds to part-fund a 1370 Mw thermal power plant in Chhatisgarh.

The stock of GMR lost 7.70% on NSE to close at Rs 31.15 per share on Thursday.