GMR gets approval to raise Rs 2,500 crore
The GMR Infrastructure has got the permission from its share holders to raise Rs 2,500 crore through different methods. This will be helpful to reduce the debt which is currently Rs 4,500 and also useful for another project in Chhattisgarh.
The company also increased its share value from Rs 750 to Rs 1,950 to make better allotment to a group of private equity investments led by Singapore-based of private equity firm Temasek and India’s IDFC Group.
The GMR Infrastructure which is under the debt of Rs 40,000 crores across various of its project has been working to reduce its debt since last 18 months and reduced Rs 6000 crore of debt.
Mr. G M Rao, chairman, GMR Infrastructure says that they have divested their holdings in an airport in Turkey and also got out from the power project in Singapore. The company has also surrendered majority of their shares in the highway project.
Source: The Business Standard
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