GMR’s coal mine acquisition

Bangalore: GMR Infrastructure Ltd is scouting for acquisition for coal mines and is in advanced stage of due diligence. The company said that part of the Rs 3,965 crore raised by offering equity to Qualified Institutional Buyers (QIB) will be utilised for the purpose.

GMR had allotted its shares with a face value of Rs 2 at a premium of Rs 238 per share. The Management Committee of the board of directors at its meeting approved the allotment of 16,52,38,088 equity shares to QIB, which included State Bank of India and Canara Bank.

Mr G.B.S. Raju, Managing Director, GMR Infrastructure Ltd said that “GMR QIB issuance is the largest such issue in India. This has been achieved through a combination of the company’s performance and the conviction demonstrated by very high quality institutional investors”.

Mr Madhu Terdal, Executive Vice-President (International Business), said that the company was in the midst of implementing various infrastructure projects, including power and airports. With its emergence as a strong player in the sector, it would be requiring funds to implement them without any delay.

Apart from modernisation of the Delhi International Airport and greenfield airport in Hyderabad, GMR Infrastructure has under its banner power projects in Uttarakhand, Himachal Pradesh and Orissa.

Istanbul project

It had also won the $2.7-billion airport modernisation project in Istanbul in consortium with a local company, Limak Insaat Sanayi San Ve Tic and the Malaysian Airport Holdings Berhad.

The company will also be implementing the Rs 500-crore project for development of the multi-product SEZ at Hosur, Mr Terdal said.