Indian IPO

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Tuesday, May 09, 2006

GMR Infra plans IPO

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

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.

A quick look at GMR Infrastructure IPO:

Issue snapshot

* To raise Rs 1000 crore (Rs 10 billion)
* Issue of 4.533 crore shares of Rs 10
* No of shares pre issue: 28.575 crore
* No of shares post issue:33.1084 crore
* Equity dilution of 15%


Business

* 91% of revenues from power division
* 8.8% from road operations


Objects of the issue

* Investments in various SPV's
* Repayment of unsecured loans


Latest news

* ICICI venture picked minority stake in GMR
* Bought 5% stake for Rs 250 crore

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