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Our Bureau

New Delhi, May 3

The Bangalore-based GMR Infrastructure Ltd has filed a red herring prospectus with the Securities and Exchange Board of India for an initial public offering (IPO).

While company officials were tight-lipped about the IPO size, industry analysts estimate that it is expected to be in the range ofRs 800-1,000 crore.

Sources indicated that the monies garnered from the IPO would be used to finance capital projects including construction of roads and to undertake the modernisation of the New Delhi airport.

A consortium headed by GMR that includes Fraport, the operator of Frankfurt airport, and Malaysian Airport, has been selected by the Government to take up modernisation of the Delhi airport.

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