GMR Infrastructure's IPO oversubscribed by 6.5 times

By Staff
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Google Oneindia News

Bangalore, Aug 5 (UNI) Infrastructgure major GMR's IPO has received excellent response with the issue being oversubscribed 6.5 times within in less than a week of its offer.

The Company in a release here today said it intended to use part of the Issue proceeds for investment in various infrastructure Special Purpose Vehicles, currently in the development phase.

GMR Infrastructure Limited, a major Indian infrastructure company having interests in airport, power and road projects, entered the capital markets on July 31 with a public issue of 38,136,980 equity shares of Rs.10 each in a price band of Rs. 210 to Rs. 250. The net offer to public constitutes 11.37 per cent of the fully diluted post issue paid up capital of the Company.

GMR Infrastructure currently generated substantial part of its revenues from the power and road business. The consolidated income had gone up from Rs. 493.25 Crore in FY 2003 to Rs. 1021.45 crore in 2005 and net profit after tax during the same period is up from Rs. 25.50 crore to Rs. 69.04 crore. For the year ended March 31, 2006, the total income has touched Rs. 1090.06 crore and PAT at Rs.

70.54 crore.

UNI VK RS HVB1405

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