Bangalore/Mumbai: GMR Infrastructure has deferred a $350-million initial public offering (IPO) that was aimed at raising money and allowing private equity investors to exit, said three senior officials at GMR, who declined to be identified.
With just a few months left for the general election, squeezing in a public share offering will be difficult. "We have to watch the timing very carefully before we decide to launch an IPO. It's definitely not happening before elections," said one of the executives cited above. He didn't elaborate on a possible fund-raising alternatives.
The PE arms of Standard Chartered, JM Financial-Old Lane, Build India, JM Financial and Macquarie SBI Infrastructure Investments invested $331 million in the company in 2011 through compulsorily convertible preference shares. They could be disappointed at the development, having expected to cash out by May this year.
05/02/14 Sobia Khan & Anirban Chowdhury/Economic Times
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With just a few months left for the general election, squeezing in a public share offering will be difficult. "We have to watch the timing very carefully before we decide to launch an IPO. It's definitely not happening before elections," said one of the executives cited above. He didn't elaborate on a possible fund-raising alternatives.
The PE arms of Standard Chartered, JM Financial-Old Lane, Build India, JM Financial and Macquarie SBI Infrastructure Investments invested $331 million in the company in 2011 through compulsorily convertible preference shares. They could be disappointed at the development, having expected to cash out by May this year.
05/02/14 Sobia Khan & Anirban Chowdhury/Economic Times
