GMR Infra gets Board nod to raise up to Rs 2,500 cr

GMR Infra gets Board nod to raise up to Rs 2,500 cr New Delhi: GMR Infrastructure, which is in the business of developing of airports, power plants, highways and urban infrastructure, Friday said its Board has approved to raise up to Rs 2,500 crore through sale of equities or bonds.

"The Board of Directors of the company...Has accorded approval for raising funds through issue of Equity Shares/GDRs /ADRs/FCCBs and/or other securities...Not exceeding Rs 2,500 crore through qualified institutional placement, follow on offer and/or private placement etc," it said in a BSE filing.

The raising of the fund, however, is subject to the approval of the shareholders, it said.

Promoters' stake in the company, as on June-end, stood at 71.43 per cent. GMR had came out with an initial public offering in 2006.

Meanwhile, GMR Infrastructure today reported Rs 94 crore consolidated loss for the quarter ended June 30, 2012, mainly on account of losses at Delhi International Airport Pvt Ltd (DIAL) and one-time tax asset reversal at GVPGL (Vemagiri power plant). It had reported a loss of Rs 67 crore in the same quarter last fiscal.

Gross revenues of the company, however, rose to Rs 2,562 crore in the quarter under review from Rs 2,090 crore in the same quarter last year.

The company hopes speedy action on policy front would enable the group to implement its ongoing projects efficiently and likely softening of interest rates would have positive impact on the bottom-line in the coming quarters.

PTI