Shares of GMR Infrastructure tumbled about 8 per cent on Thursday after the company launched a share sale issue to institutional investors.

GMR Infra’s stock ended at Rs. 31.15, down 7.98 per cent on the BSE. During the day, it tanked 9 per cent to Rs. 30.80.

At the NSE, the company’s scrip plunged 7.85 per cent to Rs. 31.10.

In terms of volume, 22.90 lakh shares of the company changed hands at the BSE, while over 6 crore shares were traded at the NSE during the day.

GMR Infrastructure on Wednesday launched qualified institutional placement (QIP) of equity shares. It set a floor price of Rs. 33.14 per share for the issue and could offer shares at up to a 5 per cent discount.

The company’s board also approved a proposal to issue and allot up to 18 crore warrants entitling to 18 crore equity shares of Re. 1 each under preferential allotment to promoter group entities subject to necessary permissions.

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