GMR Infrastructure to sell 45.33 mln shares in IPO

Mumbai:India's GMR Infrastructure Ltd. plans to sell 45.33 million shares through an initial public offer to fund road and airport construction projects as well as repay loans.
The company on Friday filed its initial offer document with India's market regulator and said the shares would be sold through book-building.
GMR, through its various units, is building expressways in different parts of the country and developing the Delhi and Hyderabad international airports.
The company said in the offer document it would use part of the funds to repay bank loans worth 550 million rupees.
GMR's net profit for the nine months to December 2005 stood at 54
9.69 million rupees and sales reached 713 million rupees.
05/05/06 Reuters/Moneycontrol.com

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