GMR to raise Rs 2,000cr via QIP

Mumbai: GMR Infrastructure, the holding company of the Bangalore-based GMR Group, will raise about Rs 2,000 crore through a QIP process that is expected to begin by the end of this week. The amount will be used to fund the company’s expansion plans in the power and airport space. Though the company officials refused to comment on the plans.
Aviation industry sources said the GMR Group is looking at opportunities to bid for airport projects in Africa and Eastern Europe. The group has recently restructured operations to base two business development teams abroad. GMR Infrastructure chief financial officer Madhu Terdal will now be based in London.
Shares of the company have been rising in the past few sessions. While the stock ended the day at Rs 250, up close to 9%, it has gained more than 22% previous week. Analysts expect QIP to take place at around Rs 280 a share.
20/11/07 Cuckoo Paul & Gaurav Pai/Economic Times

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Categories: Airports Nov 2007