GMR Infrastructure’s rights issue to run from 24 March to 8 April
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Mumbai: GMR Infrastructure Ltd on Thursday said that its planned Rs.1,401.83 crore rights issue will run from 24 March to 8 April.
On 2 March, the company had said it will issue 934.5 million shares at Rs.15 apiece. Eligible shareholders will be offered three shares for every 14 they hold. The proceeds of the issue will be used for repaying debt. GMR had debt of over Rs.40,000 crore as on 30 September 2014.
At 12.58pm, GMR Infrastructure shares were trading at Rs.17.40, up 1.2% from their previous close, while the benchmark S&P BSE Sensex was down 0.5% at 29,241.94 points.
The issue will not only increase the net worth by an equivalent amount, but will also improve the debt-equity ratio of the company, GMR had said on 2 March.
The funds raised would be utilized for repayment of debt by GMR Infrastructure and its subsidiary GMR Energy Ltd, as part of the group’s deleveraging strategy. The total debt repayment would be to the extent of Rs.1,200 crore, which is around 90% of the issue size, resulting in reduction of significant interest burden for the company, it said in a separate statement to investors.
“This rights issue also reinforces the commitment of the promoters and their faith in future growth prospects of the company. The promoters have fully tied the funds required for this purpose and they will not only be subscribing to their portion of 65% shareholding in the company but also more, if required,” the statement said.
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