GMR Airports Infrastructure to Raise Rs 5,000 Crore via Securities
GMR Airports Infrastructure has approved raising up to Rs 5,000 crore through securities, including Qualified Institutions Placement and Foreign Currency Convertible Bonds. The decision was announced following the company's board meeting on August 13, 2024, alongside an increase in quarterly revenue but a larger net loss.
- Country:
- India
GMR Airports Infrastructure has greenlit a plan to raise funds amounting to Rs 5,000 crore in multiple parts, the company disclosed in a regulatory filing. The fundraising initiative will involve issuing securities such as Qualified Institutions Placement (QIP) or Foreign Currency Convertible Bonds (FCCBs).
"We wish to inform you that the Board of Directors of the company, at its meeting held on August 13, 2024, has inter alia approved the enabling resolution for raising funds of up to Rs 5,000 crore in one or more tranches, through the issuance of securities, including a Qualified Institutions Placement and/or Foreign Currency Convertible Bonds and/or any other securities," the company stated. A QIP allows firms to raise equity by offering shares or convertible debentures to institutional investors like mutual funds or foreign institutional investors.
Fundraising via Foreign Currency Convertible Bonds (FCCBs) implies the capital raised will be in foreign currency, blending debt and equity by offering the bondholders the option to convert bonds into stock. Concurrently, the company announced its quarterly results, reporting a consolidated net loss of Rs 258.2 crore for the first quarter ending June 30, compared to a net loss of Rs 122.5 crore for the corresponding period last year. Revenue from operations increased by 19.06 per cent to Rs 2,402.20 crore, against Rs 2,017.63 crore in the previous year's first quarter.
(With inputs from agencies.)
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