GVKPIL completes US$300 million QIP issue

Kolkata, May 15 (UNI) GVK Power and Infrastructure Limited (GVKPIL), an integrated infrastructure company, has completed a US 0 million Qualified Institutional Placement(QIP) under SEBI regulations.

A company release said GVKPIL's QIP issuance was the largest issue under the SEBI QIP regulations and demand was nearly three times the issue size.

''We are delighted by the confidence reposed in GVKPIL by global investors, which has emerged as a leading integrated infrastructure company in India and indicates the investors' commitment to the high growth Indian infrastructure sector,'' GVKPIL Chairman GVK Reddy.

''We have priced the issue at Rs 325 per share. The funds raised through this placement will be utilised for investment in key strategic initiatives and to fund the equity requirements of GVKPIL subsidiaries," said GVK Chief Financial Officer Issac George.

SSKI Corporate Finance, Citigroup Global Markets and Kotak Mahindra Capital were the joint global coordinators and book runners for the issue.

GVKPIL was a leading infrastructure development company with experience and expertise spanning areas such as power, airports, roads, mining and urban infrastructure.

Earlier in January, GVK had announced the consolidation of its infrastructure assets under GVKPIL, making it an integrated infrastructure player. The shareholders have also approved the Scheme of Amalgamation.

UNI