GMR to raise funds for power projects
By Our Mumbai News Bureau
GMR Energy, an arm of GMR Infra will raise funds through Initial Public Offer (IPO). The company is planning to utilise the IPO proceeds for meeting its equity commitment and for debt reduction.Post SEBI's approval, GMR can complete the issue within a year. At present, GEL has 4.8 GW of capacity spread across coal, gas and hydro power based assets. Of this, while 2.5 GW is currently operational, balance 2.3 GW is under construction. The funds will be primarily utilised towards Rs 700 crore equity infusion in Kamalanga and Chhattisgarh power projects and for repayment of debt; in addition, it will provide an exit route to existing private equity (PE) investors.