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GMR Infrastructure withdraws $500 million QIP

This article was posted on Jun 30, 2009 and is filed under Stock News

GMR Infrastructure, the Bangalore-based infrastructure firm with focus on power generation, highways, airports and urban infrastructure, has withdrawn its $500 million fund raising efforts through the QIP route for the time-being.According to a senior finance official of the firm, they had to withdraw as they could not generate interest for the entire $500 million.

“We had good amount of interest for a good part. However, we do not want to go to the market multiple times and so we had to withdraw,” he said.

The QIP issue opened late on Monday evening with a floor price of Rs 142 per share. GMR, according to him, had to withdraw the offer due to volatile markets and will revisit this as it stabilises.

The finance official added that they are reasonably comfortable on the balance sheet and are leveraged 1.2 times. “We have cash of around Rs 3,000 crore and a total debt of Rs 10,000 crore,” he noted.

source: Business-Stadard

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