GMR Energy withdraws draft prospectus for IPO

NEW DELHI: GMR Energy, a subsidiary of GMR Infrastructure, has withdrawn its draft prospectus for the initial public offering to raise close to Rs 1,800 crore.

GMR Energy filed the DRHP with SEBI last month for its IPO.

"Due to various business reasons GMR Energy along with the selling shareholders have withdrawn the DRHP (Draft Red Herring Prospectus) filed with the SEBI," GMR Infrastructure informed the stock exchange.

The company was planning to utilise the IPO proceeds for meeting its equity commitment and for debt reduction.

GMR Group has interests in airports, energy, highways and urban infrastructure sectors.

GMR Infrastructure is the holding company formed to fund the capital requirements of various projects across the sectors. It undertakes the development of infrastructure projects through its various subsidiaries.

Shares of GMR Infrastructure closed up by 2.53 per cent at Rs 26.35 on the BSE