Business Daily from THE HINDU group of publications
Tuesday, May 12, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, May 12, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Preferential Allotments GMR Infra to issue pref shares to IDFC arm Our Bureau Bangalore, May 11 GMR Infrastructure Ltd will be issuing preferential equity shares to India Development Fund, the private equity arm of IDFC Infrastructure Fund. GMR Infrastructure’s board of directors has approved the proposal and the company will be seeking the green signal for this plan and another move to raise funds up to Rs 5,000 crore through various modes, including preferential equity, ADRs, GDRs and FCCB from its shareholders at its extraordinary general meeting to be held on June 9. According to a company official, the issue of preferential equity is part of a swap arrangement in return for the sale of 3.9 per cent stake by IDF in Delhi International Airport Ltd (DIAL) to GMR Infrastructure. This would increase GMR Infrastructure’s stake in DIAL to 54 per cent, the official said. DIAL is involved in a few airport projects, which includes modernisation of the Indira Gandhi International Airport, Delhi, and Sabiha Gokcen International Airport at Istanbul. Its greenfield airport project, the Hyderabad International Airport, became operational last year. Thrust on powerThe company said that as the market was improving, the approval was being taken to prepare itself to raise funds for power projects, which will be one of the thrust segments of growth for GMR Infrastructure. GMR Infrastructure recently secured funds for its 1,050 MW thermal power project at Kamalanga in Orissa. More Stories on : Preferential Allotments | Infrastructure | Mutual Funds
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