Indian IPO

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Friday, July 21, 2006

GMR Infrastructure IPO opens on July 31

GMR Infrastructure, a business house with major interests in energy and transportation, is entering the capital market with an initial public offering of 38,136,980 equity shares of Rs 10 each through 100% book building process.

The price band has been fixed at Rs 210-250 per share. The issue opens on July 31, 2006 and closes on August 04, 2006.

The company is raising the amount for the purpose of investment in various SPVs and to repayment of unsecured loans.

The company said a part of the IPO proceeds would go for the power trading, transmission and distribution businesses, which the company plans to enter. The remaining will be used for the ongoing road projects.

ICICI Venture picked minority stake in the company and bought 5% stake for Rs 250 crore (Rs 2.50 billion).

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange, BSE and the National Stock Exchange of India, NSE.

JM Morgan Stanley, ENAM Financial Consultants, DSP Merrill Lynch and SSKI Corporate Finance are the book running lead managers and Karvy Computershare is the registrar to the issue.


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