GMR Power and Urban Infra board approves plan to ₹3,000-crore

The board of directors of New  Delhi-based GMR Power and Urban Infra Limited on Friday (August 22) approved a proposal for raising up to ₹3,000 crore.The fundraising may be carried out in one or more tranches through the issue of securities, including qualified institutions placement (QIP), foreign currency convertible bonds (FCCBs), and/or other instruments.

Also Read: IREDA sanctions a ₹2,128 crore loan for GMR Power for Smart Metering project in UP

The proposal is subject to shareholder approval and other applicable regulatory or statutory clearances.Further, the board greenlit the re-appointment of Shantanu Ghosh, Dr Fareed Ahmed and Suman Naresh Sabnani as independent directors for five more years.

Also read: GMR Power and Urban Infra gets ₹850 crore as first tranche of ₹1,387 crore settlement with NHAI

GMR Power and Urban Infra is a part of the GMR Group. It has expertise in the sectors of energy, urban infrastructure, and transportation. The company has a market capitalisation of ₹8,496.5 crore,  of which shares worth ₹3,452.1 crore are available for trading in the public market.

Shares of GMR Power and Urban Infra Ltd ended at ₹118.6, up by ₹1.50 or 1.28%, on the BSE on Friday (August 22).