GMR Infrastructure Ltd. on Monday said parent company GMR Holdings Pvt Ltd has made arrangements of Rs.1,250 crore for subscribing to its rights issue. The promoter holding company has “completed necessary financing arrangements to the extent of Rs.1,250 crore,” GMR Infrastructure, whose rights issue opens on March 24, said in a regulatory filing to BSE.
This amount represents 89.17 per cent of the size of the rights issue. “Of these, Rs.1,130 crore has already been drawn,” said the company, which is part of the GMR Group and into airports, energy, highways and urban infrastructure sectors. Among the well-known, large projects implemented and operated by the company is the integrated terminal T3 at the Indira Gandhi International airport in Delhi.
According to the filing, the promoters intend to utilise the funding of Rs.1,250 crore for subscribing to the rights issue. On March 5, the Board of GMR Infrastructure had approved the letter of offer and issue schedule for rights issue. The closing date of the issue is April 8.
The rights issue size is Rs.1,401.83 crore. It involves issue of over 93.45 crore equity shares with a face value of Re.1 each at a premium of Rs.14.
