Saturday, June 03, 2006

GMR group lines up Rs 1200cr IPO

The GMR group has announced plans to enter the capital market by June end to raise between Rs 1,200 crore (Rs 12 billion) and Rs 1,500 crore (Rs 15 billion) through an initial public offering, IPO, to finance its all ongoing and future projects, reports Business Standard.
The power and infrastructure major has filed a draft prospectus for its IPO with the Securities Exchange Board of India, Sebi.
“We intend to go with the issue either by June-end or early July through the book-building process after obtaining the requisite Sebi clearances,” GMR chief financial officer Madhu Terdal told.
The company intends to use part of the issue proceeds for investments in GMR Hyderabad International Airport, Delhi International Airport and four expressways.
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