GMR Infrastructure lost 3.17% to Rs 32.10 at 13:04 IST on BSE on reports that the company is looking to raise $250 million through a qualified institutional placement.
Meanwhile, the S&P BSE Sensex was down 117.32 points or 0.47% at 25,110.85.
On BSE, so far 13.58 lakh shares were traded in the counter as against average daily volume of 20.90 lakh shares in the past one quarter.
The stock hit a high of Rs 33 and a low of Rs 30.85 so far during the day. The stock hit a 52-week high of Rs 38.30 on 10 June 2014. The stock hit a record low of Rs 10.65 on 6 August 2013.
The stock had outperformed the market over the past one month till 13 June 2014, surging 15.1% compared with the Sensex's 5.68% rise. The scrip had also outperformed the market in past one quarter, jumping 56.74% as against Sensex's 15.86% rise.
The large-cap company has equity capital of Rs 389.24 crore. Face value per share is Re 1.
According to reports, GMR Group has revived plans to sell shares of GMR Energy, less than two months after scrapping a proposed initial share sale, and its parent GMR Infrastructure (GMR Infra) is looking to raise $250 million (around Rs 1500 crore) through a qualified institutional placement (QIP) as demand for stocks soar.
The Bangalore-based GMR Infra will begin meeting institutional investors from Monday for the QIP, and is planning to file the draft prospectus for GMR Energy with the capital markets regulator by the end of June, reports suggested.
It may be recalled that on 28 April, GMR Infra had told stock exchanges that it had withdrawn plans to take its energy arm public, citing "business reasons".
GMR Infra during market hours today, 16 June 2014 said that a consortium led by the company has won three construction packages of rail line doubling of Multi Modal Transports System (MMTS) - Phase II works on Secunderabad Division of South Central Railway in Andhra Pradesh. Rail Vikas Nigam has issued the letter of award to the GMR consortium on 11 June 2014, the company said in a statement.
The total contract value at approximately Rs 389 crore of which GMR's share of work is about Rs 207 crore, GMR Infra said in a statement.
Mr. B V N Rao, Business Chairman, Urban Infrastructure and Highways said, "This is a testimony of our continuing interests in railway projects, as we see a huge potential to upgrade the railway infrastructure in the country. This includes the dedicated freight corridor and the upcoming high speed railway projects, as recently announced by the Government".
On consolidated basis, GMR Infrastructure's net profit surged 102% to Rs 1170.18 crore on 14% growth in net sales to Rs 2930 crore in Q4 March 2014 over Q4 March 2013.
GMR Infrastructure is a global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors.
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