IDFC Private Equity stands to get around 0.73% stake in Hyderabad-based GMR Infrastructure, the flagship company of GMR Group. The stake is part of the stock swap arrangement between IDFC's India Development Fund and GMR group.
IDFC PE is getting the preferential shares in GMR Infra in lieu of its investment in Delhi International Airport Pvt Ltd (DIAL), a subsidiary of GMR Infrastructure. Other shareholders in DIAL are Frankfurt airport operator Fraport AG and Malaysia Airports Holdings Bhd.
IDFC PE held a 3.9% stake in DIAL. It also paid DIAL Rs 48.75 crore for the option to subscribe more equity in the company. According to Friday's closing price of Rs 113.6, the stock IDFC PE is getting will be worth Rs 153.36 crore.
In another development, GMR Infra is planning to raise Rs 5,000 crore through issue of equity shares/GDRs/ADRs/ FCCBs and any other similar securities through preferential issue to qualified institutional investors or through private placements. The board has approved the issue, and the company will seek a nod from shareholders at EGM on June 9.
The funds will be used for implementation of GMR's power plant projects, which require an investment of Rs 18,000 crore. The company has net debt Rs 9,500 crore with a debt to equity ratio of 1:1.2.