GMR plans another pvt placement deal

Joining a bevy of companies going in for private equity placement before their IPOs, infrastructure major GMR Infrastructure is all set to clinch its second private equity placement in less than a fortnight, offering a minority stake worth Rs 200 crore to an Indian private equity fund and a global hedge fund.

Even though company officials were tight-lipped about the name of the investors, sources said that the company was in discussions with global investors like Blackstone, Chrysalis Capital and Temasek. Sources said that the company would tie up the deal in the next few days.

The company which has already filed a draft red herring prospectus with market regulator Sebi for its forthcoming June IPO had last fortnight struck a deal with ICICI Ventures and sold 9.57 lakh shares at Rs 261 to ICICI Emerging Sectors Fund.GMR which has won the contract to develop and modernise New Delhi airport plans to raise Rs 1,000 crore for its growth plans in the airport, roads and power sector by diluting 13.69 per cent of its equity.

The company plans to use Rs 200 crore raised from this IPO for the development work of New Delhi and Hyderabad airports.