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Our Bureau

Hyderabad, July 8 GVK Power & Infrastructure Ltd (GVKPIL) has raised Rs 717 crore through placements of shares with qualified institutional buyers (QIBs).

The sub-committee of the board of directors of the company, which was entrusted with the job of handling the QIP (qualified institutional placement) issue, has announced that it has closed the bid on July 7 for receiving applications.

The Chief Financial Officer, Mr. Isaac A. George, told Business Line that the company has approved the issue of 17.33 crore equity shares of the company at Rs 41.35 a share of the company aggregating Rs 717 crore. The offer of shares and this fund-raising exercise is to meet the financial requirements of some of the ongoing projects and to take up projects in the pipeline. The board last month approved allotment of shares to QIBs to raise funds. It has also cleared a proposal to increase the authorised capital from Rs 177 crore to Rs 250 crore. GVKPIL shares ended the day lower at Rs 39.45 on the BSE against previous close of Rs 41.60.

More Stories on : Private Placement | Power

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