GMR Infrastructure Limited listed on BSE/NSE

Bangalore, Aug 21 (UNI) GMR Infrastructure Limited was today successfully listed on both BSE and NSE.

The company's IPO, which closed on August four, was subscribed 6.68 times with the issue price fixed at Rs 210. GMR Infrastructure Limited proposed to use the proceeds from the fresh issue for investment in various infrastructure Special Purpose Vehicles, which were currently in the development stage, a company release here said.

GMR Group Chairman G M Rao said that for the first time since the incorporation of BSE and NSE, a pure infrastructure development holding company was being listed on the bourses. ''This is also the first time that investors are being offered an opportunity to participate in one of the largest privatisation and modernisation programmes and greenfield projects for airports,'' he added.

He said the company's vision of sustaining growth and development through value creation would continue to be the guiding principle for it to enhance returns to all shareholders.

The principal assets of the company comprised four power plants, of which two were in commercial operation, one was almost complete and the other was under development, besides six road projects of which two were in commercial operation and four under development and two airport projects, one of which was a greenfield airport under development and the other an existing airport undergoing modernisation.

GMR Infrastructure had placed 2.89 per cent of the post issue equity with ICICI Venture for Rs 250 crore, 1.11 per cent with Citigroup Venture Capital for Rs 99.17 crore, 0.75 per cent with George Soros promoted Quantum Fund for Rs 67.25 crore and 0.30 per cent with Punjab National Bank for Rs 27 crore. While Citigroup, Quantum and PNB had picked the stake at Rs 270 per share, ICICI Venture had bought its shares at Rs 261 per share. Infrastructure Development Finance Corporation, which had also invested in the company, would hold 3.55 per cent of the post issue capital, the release said.

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