GMR Power OKs Rs 12 Billion Fund Raise
POWER & RENEWABLE ENERGY

GMR Power OKs Rs 12 Billion Fund Raise

GMR Power and Urban Infra Ltd said its board has approved a proposal to raise up to Rs 12 billion through a preferential issue of equity shares and convertible warrants, subject to shareholder and regulatory approvals.

At around 11:31 am, the stock was trading 0.38 per cent lower at Rs 113.90 on the National Stock Exchange of India, compared with the previous close of Rs 114.34. The counter moved between an intraday high of Rs 117 and a low of Rs 112.70.

According to the company’s regulatory filing, it plans to issue up to 66.1 million equity shares with a face value of Rs 5 each at an issue price of Rs 120.88 per share. The equity issuance, aggregating up to Rs 8 billion, will be allotted to non-promoter investors.

In addition, the board has approved the issue of up to 33.0 million convertible warrants, each carrying the right to subscribe to one equity share at an issue price of Rs 120.88. The total value of the warrant issue is Rs 4 billion.

The proposed allotments will be carried out through a private placement under the preferential issue route. The company confirmed that Rs 120.88 per share has been fixed as the issue price for both the equity shares and the convertible warrants.

GMR Power and Urban Infra Ltd said its board has approved a proposal to raise up to Rs 12 billion through a preferential issue of equity shares and convertible warrants, subject to shareholder and regulatory approvals. At around 11:31 am, the stock was trading 0.38 per cent lower at Rs 113.90 on the National Stock Exchange of India, compared with the previous close of Rs 114.34. The counter moved between an intraday high of Rs 117 and a low of Rs 112.70. According to the company’s regulatory filing, it plans to issue up to 66.1 million equity shares with a face value of Rs 5 each at an issue price of Rs 120.88 per share. The equity issuance, aggregating up to Rs 8 billion, will be allotted to non-promoter investors. In addition, the board has approved the issue of up to 33.0 million convertible warrants, each carrying the right to subscribe to one equity share at an issue price of Rs 120.88. The total value of the warrant issue is Rs 4 billion. The proposed allotments will be carried out through a private placement under the preferential issue route. The company confirmed that Rs 120.88 per share has been fixed as the issue price for both the equity shares and the convertible warrants.

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