GMR Infra gains as subsidiary raises funds via bonds

GMR Infrastructure rose 1.81% to Rs 16.90 at 12:33 IST on BSE after the company said its subsidiary Delhi International Airport has successfully raised $288.75 million in the international bond market.

The announcement was made during market hours today, 28 January 2015.

Meanwhile, the S&P BSE Sensex was up 199.46 points or 0.67% at 29,770.50.

On BSE, so far 6.47 lakh shares were traded in the counter as against average daily volume of 16.87 lakh shares in the past one quarter.

The stock hit a high of Rs 17.20 and a low of Rs 16.90 so far during the day. The stock had hit a 52-week high of Rs 38.30 on 10 June 2014. The stock had hit a 52-week low of Rs 15.35 on 16 December 2014.

The stock had underperformed the market over the past one month till 27 January 2015, sliding 1.78% compared with the Sensex's 8.55% rise. The stock had also underperformed the market in past one quarter, declining 19.02% as against Sensex's 10.53% rise.

The mid-cap company has equity capital of Rs 436.13 crore. Face value per share is Re 1.

GMR Infrastructure said that its subsidiary Delhi International Airport (DIAL) has entered into a purchase agreement to issue and allot $288.75 million in principal amount of 6.125% senior secured fixed rate notes due 2022 (the Notes). The proceeds from the Notes will be used to refinance one of the current outstanding external commercial borrowing (ECB). The issuance of the Notes are pursuant to the regulations issued by the Reserve Bank of India in relation to ECB and are under the automatic route and the amounts raised pursuant to the Notes are capped by the outstanding amount of the ECB being refinanced, GMR Infrastructure said in a statement.

GMR Infrastructure reported consolidated net loss of Rs 609.86 crore in Q2 September 2014, higher than net loss of Rs 393.05 crore in Q2 September 2013. Net sales rose 10% to Rs 2636.03 crore in Q2 September 2014 over Q2 September 2013.

GMR Infrastructure a part of GMR Group is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects across the sectors. It undertakes the development of the infrastructure projects through its various subsidiaries.

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