GMR Infrastructure, which owns prized assets such as the Delhi and Hyderabad airport projects, said it will raise Rs 1,000 crore through an issue of preference shares.
The Bangalore-based infrastructure major’s fresh capital-raising plan after its aborted attempt at moping up Rs 2,000 crore through a QIP issue earlier this year.
GMR Infra reported a 40% decline in net profit to Rs 53.6 crore for the second quarter ended September 30, 2009. The share price of the firm fell by over 7% today to Rs 64, and was trading at Rs 66.8 at 2 pm today.
At the current market capitalisation of about Rs 25,000 crore, GMR Infra could end up diluting around a 4% stake. Since the firm has now opted for a preferential issue in place of a qualified institutional placement (QIP), it is likely to explore the private equity route.
India’s infrastructure is one of the key sectors that is attracting foreign fund inflows and is leading fresh issues in the market. Some of the major IPOs since the market opened up have from the sector like Adani Power, NHPC and Indiabulls Power.
GMR Infra has also raised private equity funding in the past at both the entity and project level. Some of the investors in the firm include IDFC Private Equity, ICICI Venture and Citi Venture Capital International.