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GMR to raise US $ 250 mn thru QIP

Bengaluru-based GMR has planned to raise $ 250 million (about Rs 1500 crore) through a qualified institutional placement (QIP). It follows the group’s plans to sell shares from GMR Energy Ltd. It has to file a draft proposal for GMR Energy with the capital market regulator SEBI by this month end.

GMR group hopes to sell shares at a time when the demand for such assets has shot up among the investors whose sentiments have risen high since the election of Modi’s government at the Centre with hopes of accelerated economic growth.

The GMR group has decided to sell some of its assets, restructure its capital base and reduce its debt. Ever since infrastructure stocks had been recalibrated in the last few months, GMR’s move to sell shares or assets seems well guided.

 

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