GMR Infra to raise Rs5,000 crore through sale of equity, bonds

GMR Infrastructure Ltd, the infrastructure and power subsidiary of diversified GMR Group, will raise Rs5,000 crore (nearly $100 million) in private equity investment, company sources said today.

The board of directors of the company today approved fund raising of up to Rs5,000 crore in equity and debt, GMR informed the Bombay Stock Exchange (BSE).

GMR proposes to raise the funds though issue of global depository receipts (GDRs), American depository receipts (ADRs), foreign currency convertible bonds (FCCBs), qualified institutional placement (QIP) etc.

The Singapore investment fund Temasek Holdings had recently invested $200 million in the company. GMR Infrastructure had earlier raised around Rs1,500 crore ($315 million) through share sales to financial institutions.

As part of the GMR Group's push into the infrastructure sector, the group recently sold a majority stake in sugar biz to EID Parry in a deal worth about Rs110-120 crore.

GMR was also reported to be in talks with private equity players to raise Rs450 crore (about $100 million) for the unlisted GMR Energy.

GMR Infrastructure Ltd registered a net loss of Rs3.13 crore for the quarter ended 31 March 2010 against a net profit Rs9.32 crore for the quarter ended 31 March 2009. Total income of the company for the quarter ended 31 March 2010 increased to Rs65.74 crore from Rs28.86 crore for the quarter ended 31 March 2009.

The company posted a net profit of Rs13.45 crore for the year ended 31 March 2010 compared with Rs97.67 crore for the year ended 31 March 2009. Total income for the year ended 31 March 2010 increased to Rs178.78 crore from Rs165.02 crore for the year ended 31 March 2009.