The Hindu Business Line : Good response to GVK Power's placement issue

Hyderabad May 15 GVK Power & Infrastructure Ltd (GVKPIL), an integrated infrastructure player, has completed a $300-million Qualified Institutional Placement (QIP).

The company's QIP is the largest issue under the SEBI QIP regulations and the demand was nearly three times the issue size, according to a press release from the Hyderabad-based company.

"We priced the issue at Rs 325 per share. The funds raised through this placement will be utilised for investment in key strategic initiatives and to fund the equity requirements of GVKPIL subsidiaries," said Mr Issac George, Chief Financial Officer, GVK.

SSKI Corporate Finance, Citigroup Global Markets and Kotak Mahindra Capital company were the joint global coordinators and book runners for the issue.

GVKPIL is an infrastructure development company with experience and expertise spanning areas such as power, airports, roads, mining and urban infrastructure.

Earlier in January, GVK had announced the consolidation of its infrastructure assets under GVKPIL, making it an integrated infrastructure player. The shareholders have also approved the scheme of amalgamation.

This consolidation will help GVKPIL leverage emerging opportunities in the infrastructure sector, enable better utilisation of resources and create a stronger base for future growth. This would translate into a larger asset base, align shareholder interest in a single-listed entity and unlock value in operating assets.

Till date, GVK has invested over Rs 5,000 crore into infrastructure projects and has on hand, projects in the pipeline of over Rs 13,000 crore.

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