GMR Infrastructure Ltd. (GMRI), the operator of India’s biggest airport, is considering listing its airport and power generation units and selling shares to institutional investors as it seeks to reduce debt, people with knowledge of the matter said.
In a first step, GMR plans to raise as much as $200 million through a qualified institutional placement, said the people, who asked not to be identified as the deliberations are confidential. The company would then sell the airports and power units in initial public offerings, they said.
GMR has been selling assets as it tries to cut debt that almost doubled in the four years through March. It joins companies including Reliance Communications Ltd. in seeking to raise money as stocks surge following Narendra Modi’s election victory last month.
19/06/14 George Smith Alexander/Business Week
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In a first step, GMR plans to raise as much as $200 million through a qualified institutional placement, said the people, who asked not to be identified as the deliberations are confidential. The company would then sell the airports and power units in initial public offerings, they said.
GMR has been selling assets as it tries to cut debt that almost doubled in the four years through March. It joins companies including Reliance Communications Ltd. in seeking to raise money as stocks surge following Narendra Modi’s election victory last month.
19/06/14 George Smith Alexander/Business Week
