News Column

GMR Infrastructure To Raise Funds

August 15, 2014

@GMRInfrastructure is planning to raise funds through issue of non-convertible debentures, equity shares / equity linked instruments or any other securities upto an amount of INR 25 Bn.

The company had raised $250 Mn in QIP recently and had also received an approval to issue warrants to a promoter entity, to borrow by mortgaging company property and to invest in certain stocks.

GMR has total debt of INR 40 Bn and aims to reduce the same by INR 15 Bn by this fiscal for which deleveraging by way of the Asset Light Asset Right Strategy.

The company has over the last two years sold stakes in some roads it operates, apart from stake sales in an airport and in an energy business as part of an 'asset light, asset right' strategy.

GMR Infrastructure, on a consolidated basis, had posted a net loss of INR 5930 Mn for Q1FY15 against a net loss of INR 3260 Mn in the same period last year.

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Source: DealCurry (India)

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