GMR Power and Urban Infra Limited on Tuesday (August 19) said its board of directors will meet on Friday, August 22, to consider and approve 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), or other instruments.
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The proposal will remain subject to shareholder approval and other applicable regulatory or statutory clearances. The company stated that the planned fundraising is in line with applicable laws and will provide flexibility in tapping both domestic and overseas capital markets.
GMR Power and Urban Infra is a part of the GMR Group. It has expertise in sectors of energy, urban infrastructure, and transportation.
Shares of GMR Power and Urban Infra Ltd ended at ₹117.60, up by ₹0.60 or 0.51%, on the BSE on Tuesday (August 19).
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