Bangalore: Fresh from shedding some of its key global assets, including an airport in Turkey and a power project in Singapore, GMR Infrastructure is gearing to raise up to Rs 2,500 crore even as it is close to clinching an airport-modernisation project in the Philippines.
The board, which met late on Friday, said they had authorised the company to raise these resources through various options, including foreign currency convertible bonds, a follow-on offer, a further public offer and private placement, among others.
The company, under debt of Rs 40,000 crore and with a gearing of 3.5 times, has been shedding assets to generate cash and to meet its debt obligations. GMR Infra had during 2010 raised $350 million through the qualified institutional placement (QIP) route. Till now, the company has not used an FCCB route to raise funds.
25/01/14 Business Standard
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The board, which met late on Friday, said they had authorised the company to raise these resources through various options, including foreign currency convertible bonds, a follow-on offer, a further public offer and private placement, among others.
The company, under debt of Rs 40,000 crore and with a gearing of 3.5 times, has been shedding assets to generate cash and to meet its debt obligations. GMR Infra had during 2010 raised $350 million through the qualified institutional placement (QIP) route. Till now, the company has not used an FCCB route to raise funds.
25/01/14 Business Standard
