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GMR IPO to hit capital market by June end

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GMR IPO to hit capital market by June end - June 8th, 2006

GMR Infrastructure, which has won the modernisation bid for Delhi Airport, said its initial public offer is likely to hit the capital market by June end reports agencies.
The company has received the market regulator' Sebi's approval for its IPO, which comprises issue of 45,331,238 equity shares of Rs 10 each constituting 13.69% stake through 100% book building process, it said in a release.
GMR is also considering private placement of equity shares with investors on pre-IPO placement basis subject to minimum dilution of 10% as net offer to the public, it said.
As a part of its pre-IPO private placement, Citi Group recently acquired 1.12% stake for over Rs 100 crore (Rs 1 billion). Earlier, ICICI Ventures also picked up 2.89% stake for about Rs 250 crore (Rs 2.50 billion) in the company before filing of the DRHP with Sebi.
Besides, Quantum Fund also acquired 0.75% stake for about Rs 67 crore (Rs 670 million) and PNB had acquired 0.30% stake for about Rs 27 crore (Rs 270 million).
The company said it intends to use part of the issue proceeds for investment in various infrastructure SPVs, which are currently in the development stages, including investment of Rs 196 crore (Rs 1.96 billion) in Hyderabad and Delhi airport and Rs 463 crore (Rs 4.63 billion) for four road projects. GMR has interest in airports, power and roads development.






Source: http://news.moneycontrol.com/india/n...?autono=218947
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