From Kuwait Investment Authority
Kuwait Investment Authority signed definitive agreement to invest USD 300 million (Rs 2000 crore) in GMR Infrastructure.Kuwait Investment Authority agreed to subscribe to a sixty year (60 year) long Foreign Currency Convertible Bond (FCCB) due 2075 to be issued by GMR, the flagship company of the GMR Group. The proceeds from the FCCB will be primarily used to repay certain outstanding obligations of GMR and its subsidiaries. The conversion price of Rs. 18/- represents approximately 30% premium to the 3 months average share price of GMR.
The completion of the transaction and receipt of funds is subject to fulfillment of customary closing conditions for transactions of this nature and procuring necessary approvals.
Powered by Capital Market - Live News
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app