GMR Infrastructure board approves allotment of Rs 567 crore worth warrants

NEW DELHI: The board of GMR Infrastructure has approved issuance of warrants worth Rs 567 crore to promoter entity, GMR Infra Ventures LLP.

Out of the total amount, about 25 per cent or Rs 141.75 crore has already been received by the company, GMR Infrastructure said in a regulatory filing today.

"... the balance amount will be received upon exercising the right to subscribe equity shares against the said warrants within 18 months from the date of allotment ie on or before February 25, 2016," it noted.

These 18 crore warrants, priced at Rs 31.50 apiece, carries an option to apply for and be allotted equivalent number of equity shares.

The allotment was approved by the management committee of GMR Infrastructure's board of directors during their meeting held today.

GMR Infra Ventures LLP is part of the promoter group. Shares of GMR Infrastructure gained marginally to end the day at Rs 25.10 on the BSE.