By 09 July, 2009

GVK Power & Infrastructure today said it would raise Rs 3,000 crore through the issue of shares to qualified institutional buyers (QIBs) on private placement basis, the company said in its communique' to the stock exchange.

Shareholders of the company during an extra ordinary general meeting have approved the raising of funds up to Rs 3,000 crore by private placement of shares.

"The company would raise Rs 2,500 crore with an option to retain an additional funds up to Rs 500 crore from the excess subscription received from private placement of shares with QIBs," the company said .

It also said that the company has also received approval from its shareholders for the issue of warrants to its promoters, it said.

Besides, members of GVK Power & Infra gave their consent for increasing the company's authorised share capital to Rs 250 crore from Rs 177.25 crore, it added.

Shares of GVK Power & Infrastructure today settled at Rs 41.45 on the BSE, up 2.09 per cent from previous close.

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