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.
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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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