GMR Infra to carry out a $250m institutional placement

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GMR Infra to carry out a $250m institutional placement

According to local sources, Bangalore-based infrastructure developer GMR Infrastructure is looking to raise $250 million through a qualified institutional placement.

The firm, a holding company of GMR Group, could use the money to repay debt and de-leverage its balance sheet

According to the sources, GMR Infra would begin meeting institutional investors for the qualified institutional placement today Monday.

GMR Group could also have revived plans to sell shares of GMR Energy, less than two months after canceling a proposed initial share sale. The local press reports that GMR Group is planning to file the draft prospectus for GMR Energy with the capital markets regulator by the end of June.

GMR Infrastructure announced in May the completion of the divestment of its 40% equity stake in Istanbul Sabiha Gokcen Airport (ISG) to Malaysian Airports Holding Berhard (MAHB).

We also published in May that GMR OSE Hungund Hospet Highways, a consortium formed by GMR Group (51%) and Oriental Structural Engineers Pvt. Ltd. (49%), announced that it had commenced full commercial operations of the Hungund-Hospet road PPP project on National Highway NH-13 in India.

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