GMR Infrastructure To Mop Up Rs 5,000Cr Overseas

Bangalore: GMR Infrastructure, a Rs 1,000 crore Bangalore-based infrastructure company with a focus on airports, power and roads, eyes overseas markets to fund its expansion plans. The company is seeking a shareholders clearance to raise up to Rs 5,000 crore through various financial instruments including or either FCCBs, GDRs and ADRs. The company is also increasing its authorised share capital to Rs 750 crore from the current Rs 400 crore. In addition to raising resources via equity dilution, the company is also seeking to double its debt limit to Rs 10,000 crore. The company recently secured a contract to revamp an airport in Turkey. GMR and two other international partners will form a consortium, in which the Bangalore-based company will hold a 40 per cent stake, to execute the project. The company is already involved in revamping the Delhi international airport and is close to completing a greenfield international airport in Hyderabad.