GMR Infra jumps after unit files for IPO

GMR Infrastructure rose 3.93% to Rs 22.50 at 9:18 IST on BSE after the company said its subsidiary, GMR Energy, filed for initial public offering with Securities and Exchange Board of India on 28 March 2014.

The company made the announcement before trading hours today, 31 March 2014.

Meanwhile, the BSE Sensex was up 100.62 points, or 0.45%, to 22,440.59.

On BSE, so far 1.30 lakh shares were traded in the counter, compared with an average volume of 4.39 lakh shares in the past one quarter.

The stock hit a high of Rs 22.90 and a low of Rs 22.20 so far during the day. The stock hit a 52-week high of Rs 25.35 on 1 January 2014. The stock hit a 52-week low of Rs 10.65 on 6 August 2013.

The stock had underperformed the market over the past one month till 28 March 2014, rising 4.34% compared with the Sensex's 5.78% rise. The scrip had also underperformed the market in past one quarter, falling 11.81% as against Sensex's 5.41% rise.

The mid-cap company has an equity capital of Rs 389.24 crore. Face value per share is Re 1.

GMR Infrastructure announced that the Draft Red Herring Prospectus (DRHP) has been filed on 28 March 2014 by GMR Energy, a subsidiary of the company, with the Securities and Exchange Board of India for its initial public offering (IPO).

GMR Infrastructure reported a consolidated net loss of Rs 441.09 crore in Q3 December 2013, higher than net loss of Rs 217.45 crore in Q3 December 2012. Net sales rose 11.4% to Rs 2625.04 crore in Q3 December 2013 over Q3 December 2012.

GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors.

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