GMR IPO to open on July 31
GMR Infrastructure Ltd, which is modernising Delhi airport, will hit the capital market on July 31, with its initial public offer to raise up to Rs 950 crore.
By PTI |
NEW DELHI: GMR Infrastructure Ltd, which is modernising Delhi airport, will hit the capital market on July 31, with its initial public offer to raise up to Rs 950 crore.
The IPO comprises of 3.81 crore shares at a price band of Rs 210-250. Retail investors would, however, be given a five per cent discount, Group Chairman G M Rao told reporters.
The company would use the proceeds raised from the issue to part finance modernisation of Delhi airport and in building the new greenfield Hyderabad international airport, besides in other power and infrastructure projects.
The issue closes on August 4 and the listing is expected to be in the first half of September. At the upper limit of the price band, the company would raise about Rs 954 crore and at the lower end about Rs 800 crore.
The net offer to public would constitute 11.37 per cent of fully diluted post issue paid up capital of the company.
About Rs 200 crore would go for Delhi and Hyderabad airport projects. The rest would be used as capex for projects in power and highways, Rao said.
GMR Infrastructure is the flagship company of the GMR Group with interests in airports, roads and power sector. GMR holds 50.1 per cent in Delhi International Airport Ltd and 63 per cent in Hyderabad International Airport Ltd. The remaining share is held by its joint venture partners including the Airports Authority of India.
GMR has already raised about Rs 450 crore through private equity placements to ICICI Ventures, Citigroup, Quantum Fund and Punjab National Bank.
Meanwhile, GMR has appointed Ioannis Papastefanous of Greece as Chief Operating Officer of Delhi airport, Rao said.
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