This Article is From Jul 08, 2014

GMR Infra Raises Rs 1,477 Crore via QIP

New Delhi:

GMR Infrastructure on Tuesday said it has raised Rs 1,477 crore through issuing shares to qualified institutional investors.

The infrastructure player has raised the amount by selling shares at Rs 31.50 apiece, lower than the set floor price of Rs 33.14 per share.

However, details of the amount of shares placed under qualified institutional placement (QIP) could not be immediately ascertained.

When contacted, a GMR Infrastructure spokesperson told PTI that the company has raised about Rs 1,477 crore through the issue.

The QIP opened on July 2 and closed on Tuesday, July 8.

The company said in a regulatory filing that the management committee of its board passed a resolution on Tuesday for "determining and approving the issue price of Rs 31.50 per equity share for the equity shares to be allotted to QIBs (qualified institutional buyers) in the QIP".

Shares in GMR Infra, on Tuesday, ended at Rs 28.85 apiece on the BSE, down more than 8 per cent from the previous close.