GMR Infra seeks Sebi nod for Rs 1,500 cr rights issue

The company would issue equity shares for an aggregate amount "not exceeding Rs 1,500 crore on a rights basis" to its shareholders, a draft letter filed by the firm with Securities and Exchange Board of India (Sebi) showed.

GMR Infrastructure  Ltd has sought market regulator Sebi's clearance to raise up to Rs 1,500 crore through a rights issue.

The company would issue equity shares for an aggregate amount "not exceeding Rs 1,500 crore on a rights basis" to its shareholders, a draft letter filed by the firm with Securities and Exchange Board of India (Sebi) showed.

In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.

Also read: Will pare debt by Rs 1300 cr post rights issue: GMR Infra

The funds raised from the issue would be utilised towards repayment of certain borrowings availed by GMR Infrastructure, investment in its subsidiary -- GMR Energy Ltd -- as well as for general corporate purposes, the company said in the draft offer letter.

JM Financial Institutional Securities, Axis Capital, ICICI Securities and SBI Capital Markets are the lead managers to the issue. Karvy Computershare is the registrar to the issue.

The company said that it "has received in-principle approvals from the BSE and the NSE for listing the equity shares to be allotted pursuant to the issue". GMR Infrastructure has interest in sectors such as airports, roads, power plants and urban infrastructure.

For the year ended March 31, 2014, the consolidated income of the company from operations stood at about Rs 10,567 crore.

GMR Infra stock price

On September 22, 2014, GMR Infrastructure closed at Rs 22.75, down Rs 0.2, or 0.87 percent. The 52-week high of the share was Rs 38.30 and the 52-week low was Rs 18.80.

The company's trailing 12-month (TTM) EPS was at Rs 0.21 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 108.33. The latest book value of the company is Rs 16.76 per share. At current value, the price-to-book value of the company is 1.36.

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