GMR Infrastructure raises $315 million in share sale

GMR Infrastructure has raised $315 million in a share sale to mostly foreign investors, according to three sources with direct knowledge of the deal, Reuters reported today.

The Bangalore-based company is engaged in building and managing of airports, roads and power plants and has operations in Europe, Mexico and Australia. The company reportedly received a good response to its share sale and raised the offering size from the initial $250 million the report said citing the sources.

According to one unidentified source, foreign investors bought 88 per cent of the sale with half the demand originating from Europe and the balance from Asia, the report said.

GMR opened the sale on Thursday. It said the proceeds would go towards capital expenditure and for acquisitions both overseas and at home, according to the report.

The share's floor price was Rs62.20 a share which was discounted 2.6 per cent to Thursday's close according to two unidentified sources.

The sole global manager for the sale was Bank of America-Merrill Lynch, with Axis Bank and IDBI Capital Markets as other lead managers.