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Thursday, March 23, 2006

GMR plans to enter market to raise Rs 500cr

GMR Infrastructure, the winner of the high-brow Delhi Airport modernisation bid, is tipped to go public by June. The low profile Bangalore-based corporate may raise around Rs 500 crore by unlocking about 15-16% of its equity.

GMR Infrastructure, the winner of the high-brow Delhi Airport modernisation bid, developer of the greenfield Hyderabad International Airport and a clutch of power and road ventures, is tipped to go public by June, reports The Economic Times.

GMR Infrastructure, the winner of the high-brow Delhi Airport modernisation bid, developer of the greenfield Hyderabad International Airport and a clutch of power and road ventures, is tipped to go public by June, reports The Economic Times.

The low profile Bangalore-based corporate may raise around Rs 500 crore (Rs 5 billion) by unlocking about 15-16% of its equity.

India's biggest challenge, infrastructure, has also emerged as the best business opportunity for companies participating in this space. It has even made many of them bullish about the prospects of unlocking their potential in the stock market.

The final timing of the issue, including the first step of filing the draft red herring prospectus, DRHP, with SEBI, will be firmed up once the case pending in the Delhi High Court between Anil Ambani Group and the Government of India on the matter of awarding airport upgradation is decided, sources said.

The group has been mulling the IPO option for some months now but decided to wait till the government decided on the Delhi and Mumbai upgradation projects. But no sooner did GMR Group bag the project; a court case came up with the Anil Ambani Group challenging the government move.

While current data is not available, GMR Infrastructure, which is the holding company for the group's infrastructure business had a paid-up capital of Rs 158.7 crore (Rs 1.58 billion) as of March 31, 2004.

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