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GMR Raises INR 1,500 Crore through QIP

GMR Infrastructure, the infrastructure developer, which launched the QIP on Wednesday, has finally raised INR 1,500 crore which saw active investors interest from globally renowned players. According to information available from the market sources, the QIP saw high interest and attracted total investments worth INR  2,300 crore almost double the required sum. GMR had initiated the process to raise INR  1,200 crore but finally went ahead and closed the issue at INR 1,500 crore.

According to information available, the average price was INR 31.50 per share and blue-chip investors including GIC of Singapore and funds managed by George Soros participated in the QIP. The investors will be getting around 9 Percent  through this issue in GMR Infrastructure.

GMR will be ploughing in the sum to strengthen its networth which under high leverage at as much as close to 4 times under a debt of INR 40,000 crore. In addition to this, GMR will also be using a part of this proceeds to part-fund a 1370 Mw thermal power plant in Chhatisgarh.

Source-On Request