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GMR Infrastructure Ltd has decided to raise up to Rs 2500 crore by issue of foreign currency convertible bonds or other options including through a follow on offer.
The Board of Directors of the Company at its meeting on Friday has accorded in principle approval for raising of funds through issue of Foreign Currency Convertible Bonds or other securities up to an amount of Rs 2,500 crore through follow on offer and various other options including further public offer and or even by way of private placement.
The company is in the process of bringing down its debt and consolidating its balance sheet by way of divestment of some of its assets and in some cases partial stake to pare its debt estimated to be about Rs 40,000 crore.
In the process, in the past few quarters, the company has sold assets in the power sector, either fully as in the case of Singapore project, or in the case of a Power project in Orissa and couple of road projects, and recently in the Istanbul airport to its partner in the project Malaysia Airport Holdings Berhad.
The company is also further considering stake divestment in couple of other road assets and also in a hospitality project in Hyderabad at the Rajiv Gandhi International airport, which is managed by the Accor Group.
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