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GMR Infrastructure receives SEBI observations on DHRP filed

Written by: Staff

New Delhi, Jun 7 (UNI) GMR Infrastructure Limited today received the Securities and Exchange Board of India (SEBI) observations on the DHRP filed by it, and is expected to come out with a public offer by June end.

In terms of the Offer Document filed with SEBI, the Company is offering 45,331,238 equity shares of Rs 10 each constituting 13.69 per cent stake through 100 per cent Book Building process.

The company is considering private placement of certain equity shares with certain Investors on a Pre-IPO placement basis, subject to minimum dilution of 10 per cent as net offer to the Public.

As part of the above said Pre-IPO private placement, Citi Group has recently acquired 1.12 per cent stake for over Rs100 crore. It may be noted that this is the third private placement of shares before going for the IPO.

While earlier ICICI Ventures had picked up 2.89 per cent stake for about Rs 250 crore in the Company before filing of the DRHP with SEBI, Quantum Fund had acquired 0.75 per cent stake for about Rs 67 crores and PNB had acquired 0.30 per cent stake for about Rs 27 crores.

The company intends to use part of the Issue proceeds for general corporate purposes, besides for investment in various infrastructure SPVs which are currently in the development stage, including investment of Rs 196 crores in Hyderabad&Delhi airport and Rs 463 crores for four road projects.

The company currently generates all its revenues from the power and road businesses, and is also developing an international airport at Hyderabad besides been awarded to operate, manage and develop the Delhi Airport.

JM Morgan Stanley Pvt. Ltd, DSP Merrill Lynch Ltd, Enam Financial Consultants Pvt Ltd and SSKI Corporate Finance Pvt. Ltd are the Book Running Lead Managers for the issue.


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