GMR plans to list energy arm to raise close to Rs 1500 cr

GMR Infrastructure has fast paced it’s second attempt to list it’s Energy arm to raise close to Rs 1500 cr, sources with direct knowledge said. GMR plans to offer 10% stake in the company through fresh equity issuance. GMR Energy is expected to use the IPO proceeds for it’s expansion projects.

GMR has mandated Bank of America Merrill Lynch and Macquarie for the public issuance. Sources suggest that the company is expected to file it’s DRHP with the market regulator Sebi within a month.

GMR Energy operates power units with a total capacity of 1487 MW and has over 3000 MW of generating capacity under construction. IPO proceeds will be used for infusing equity funding for the projects underway. GMR Infra has a huge debt pile of Rs 33,715 cr as reported on 31st March 2013.

In an e-mail statement, GMR’s spokesperson said, "As a company policy we do not comment on speculation."