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Thursday, May 04, 2006

GMR Infra files red herring prospectus for IPO

The Bangalore-based GMR Infrastructure has filed a red herring prospectus with the Securities and Exchange Board of India, Sebi, for an initial public offering, IPO, reports The Hindu Business Line.

While company officials were tight-lipped about the IPO size, industry analysts estimate that it is expected to be in the range of Rs 800-1,000 crore (Rs 8-10 billion).

Sources indicated that the monies garnered from the IPO would be used to finance capital projects including construction of roads and to undertake the modernisation of the New Delhi airport.

A consortium headed by GMR that includes Fraport, the operator of Frankfurt airport, and Malaysian Airport, has been selected by the Government to take up modernisation of the Delhi airport.


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