GMR to issue shares worth $183 million to Temasek, other investors
MUMBAI (Reuters) - GMR Infrastructure Ltd said on Monday it would issue compulsorily convertible preference shares worth $183 million to Singapore state investor Temasek Holdings Pvt Ltd and a consortium led by India's IDFC Alternatives Ltd.
In 2010, Temasek and private equity firm IDFC Alternatives-led consortium had invested 13.95 billion rupees in infrastructure builder GMR's unit GMR Energy Ltd, which owns power plants in the country.
The private equity investors will retain their residual investment in GMR Energy after the issuance of the compulsorily convertible preference shares, the Indian company said in a statement on Friday.
GMR will allot convertible shares worth 7.89 billion rupees to Temasek and 3.48 billion rupees to the IDFC-led consortium through a preferential allotment, it said.
(Reporting by Archana Narayanan; Editing by Sumeet Chatterjee)