GMR had gained rights to issue
Shares of GMR Infrastructure and Usha Martin will be tracked keenly by market men as these company boards meet on Tuesday to consider a rights issue. The infrastructure developer, which has interests in airports, energy and highways, did not specify the amount it was looking to raise.
GMR recently had raised ₹1,478 crore through an institutional placement. The board of Usha Martin will discuss various fund-raising options, including rights issue. Size and pricing will be keenly watched.
The announcement was made after market hours on Thursday, 11 September 2014. Meanwhile, the BSE Sensex was up 50.22 points, or 0.19%, to 27,046.09. On BSE, so far 5.26 lakh shares were traded in the counter, compared with an average volume of 28.45 lakh shares in the past one quarter. The stock hit a high of Rs 25.70 and a low of Rs 25.25 so far during the day. The stock hit a 52-week high of Rs 38.30 on 10 June 2014. The stock hit a 52-week low of Rs 17.45 on 12 September 2013.
The stock had underperformed the market over the past one month till 11 September 2014, falling 1.57% compared with 5.79% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 29.45% as against Sensex’s 5.97% rise. The large-cap company has an equity capital of Rs 436.13 crore.
Source: The Hindu Business Line
fund-raising options, GMR Group, GMR Hyderabad International Airport Ltd, GMR Infrastructure, GMR Infrastructure Ltd, Usha Martin
