Bangalore: GMR Infrastructure has received the approval of its shareholders to raise up to Rs 2,500 crore through multiple instruments. This will primarily be used to reduce the corporate debt which is at Rs 4,500 crore and also to infuse equity into another power project in India in Chattisgarh.
The company also enhanced its authorised share capital from Rs 750 crore to Rs 1,950 crore to make a preferential allotment to a group of private equity investments led by Singapore-based Temasek and India's IDFC Group.
GMR Infrastructure, which is under a debt of close to Rs 40,000 crore across various of its projects, has been active in reducing debt and has during the past 18 months reduced as much as Rs 6000 crore and along with it, GMR has managed to release additional cash flow of Rs 4,000 crore.
21/03/14 Business Standard
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The company also enhanced its authorised share capital from Rs 750 crore to Rs 1,950 crore to make a preferential allotment to a group of private equity investments led by Singapore-based Temasek and India's IDFC Group.
GMR Infrastructure, which is under a debt of close to Rs 40,000 crore across various of its projects, has been active in reducing debt and has during the past 18 months reduced as much as Rs 6000 crore and along with it, GMR has managed to release additional cash flow of Rs 4,000 crore.
21/03/14 Business Standard
