GMR Infrastructure forays in to capital market

Chennai, July 26 (UNI) The Greenfield Hyderabad Airport, developed by the GMR Infrastructure, would be ready for operation by the end of the first quarter of 2008, Company Director B V N Rao said today.

Addressing a press conference here in connection with the company's entry into the capital market, Mr Rao said the company was granted with about 5,500 acres of land on lease, to expand the airport and related facilities including hotels, commercial venues and business parks.

Mr Rao said the company which was also developing the Brownfield Delhi airport, had launched the operations in May and the airport is expected to be ready for commissioning by 2010 when the Commonwealth Games begin.

Besides Airport, GMR, the leading Indian infrastructure company was also having interests in power and road projects in the country.

By entering into the capital market with a public issue of 38,136,980 equity shares of Rs ten each, the company would utilise the fund for airport, power and road projects, he said.

"Investors would get an unique opportunity to invest in airports.

Ours is the only listed company, which has airports to offer to the investors," Mr Rao said.

The price band has been fixed at Rs 210 to Rs 250 per equity share of Rs Ten each. The issue, which opens on July 31, would close on August four, he added.

UNI