Mumbai: GMR Group has approached the Reserve Bank of India for approval to allow its foreign investors to transfer compulsorily convertible preference shares of GMR Airports to the company at fixed return rates.
"We were supposed to exercise a call option by April and in fact we have already done so. But we have to give a return of 18%, which is not allowed. Hence, we have approached the RBI. Our foreign investors know we are going by the Indian rules," said a senior executive at the Bengaluru-headquartered infrastructure company.
The executive, who did not wish to be identified, added, "These deals were done in moments of euphoria. But now the government has turned vigilant in these cases."
RBI's refusal to accept Tata Sons' proposal to give an exit to Japanese firm NTT DoCoMo from Tata Tele at a pre-determined price has got the investors in GMR Airports worried, people with direct knowledge of the matter said.
GMR Infrastructure has notified the stock exchanges that it has "decided to exercise the call option requiring the respective investors to transfer the Compulsorily Convertible Preference Shares (CCPS) of GMR Airports Ltd to the company". GMR has approached RBI for its approval for the same.
09/04/15 Nisha Poddar/Economic Times
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"We were supposed to exercise a call option by April and in fact we have already done so. But we have to give a return of 18%, which is not allowed. Hence, we have approached the RBI. Our foreign investors know we are going by the Indian rules," said a senior executive at the Bengaluru-headquartered infrastructure company.
The executive, who did not wish to be identified, added, "These deals were done in moments of euphoria. But now the government has turned vigilant in these cases."
RBI's refusal to accept Tata Sons' proposal to give an exit to Japanese firm NTT DoCoMo from Tata Tele at a pre-determined price has got the investors in GMR Airports worried, people with direct knowledge of the matter said.
GMR Infrastructure has notified the stock exchanges that it has "decided to exercise the call option requiring the respective investors to transfer the Compulsorily Convertible Preference Shares (CCPS) of GMR Airports Ltd to the company". GMR has approached RBI for its approval for the same.
09/04/15 Nisha Poddar/Economic Times
