Stocks

GMR sets QIP floor price at ₹33.14/share

Our Bureau Bangalore | Updated on July 02, 2014


GMR Infrastructure plans to raise capital through the sale of equity shares to institutional investors under a Qualified Institutional Placement offering. In accordance with SEBI regulations, the floor price of the QIP is ₹33.14 an equity share and will be offered at a discount of not more than 5 per cent of the floor price. According to reports, capital of ₹1,200 crore is expected to be raised. The board has also approved a proposal to issue and allot up to 18 crore warrants equalling 18 crore equity shares of ₹1 each under preferential allotment to promoter group entities. The proceeds from the QIP offering and the preferential allotment will be used primarily for the purpose of strengthening GMR Infra’s financial position.

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Published on July 02, 2014
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