GMR Infrastructure ends its debut with modest gains
The city-headquartered GMR Infrastructure, the infrastructure holding company of the G M Rao group which listed on Monday, ended its debut on Dalal Street with modest gains.
By TNN |
BANGALORE: The city-headquartered GMR Infrastructure, the infrastructure holding company of the G M Rao group which listed on Monday, ended its debut on Dalal Street with modest gains.
Against the offer price of Rs 210 per share, the scrip closed on Monday at Rs 210.30. The scrip opened for trading at Rs 215, touched an intra-day high of Rs 219.8 with a low of Rs 205.10.
Volumes traded were a record 7.2 million shares.
The subscription for the initial public offering (IPO) opened on July 31 and was on till August 4 through the 100% book-building route. The price band was Rs 210 to Rs 250 per Rs 10 share.
"Investors are being offered an opportunity to participate in one of the largest privatisation and modernisation programmes and greenfield projects for airports," said Mr G M Rao, group chairman.
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GMR Infrastructure which is a holding company is involved in three key infrastructure segments-roads, power and airport (through the airport modernisation programme for Delhi airport).In case of the airport projects, GMR Infrastructure has also got the mandate for setting up the greenfield airport at Hyderabad besides modernising the existing facility at Delhi. Between the two cities, GMR Infrastructure would get access to about 28% of the country's air-traffic.
GMR Infrastructure has placed 2.89% of the post-issue capital with ICICI Venture for Rs 250 crore, 1.11% with Citigroup Venture Capital for Rs 99.17 crore besides Quantum Fund of George Soros has picked up 0.75% stake valued at Rs 67.25 crore.
Delhi-headquartered Punjab National Bank (PNB) has a stake of Rs 27 crore. While Citigroup, Quantum and PNB picked up stakes at Rs 270 per share, in case of ICICI Venture was at Rs 261 per share.
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