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This is an archive article published on July 20, 2006

GMR sets Rs 210-250 IPO price band

In the first major initial public offer hitting the capital market after the stock market slide, infrastructure major GMR Infrastructure is planning to raise Rs 950 crore at the higher end through its offering which will debut on July 31.

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In the first major initial public offer hitting the capital market after the stock market slide, infrastructure major GMR Infrastructure is planning to raise Rs 950 crore at the higher end through its offering which will debut on July 31.

The price band of the issue has been fixed at Rs 210-250 for 3.81 crore equity share of Rs 10 each. The issue opens on July 31 and closes on August 4, 2006.

The Hyderabad-based company which has bagged the prestigious modernisation project of the Delhi Airport had to prolong its offering due to the slump in the market. In a bid to attract investors, the company has also priced its issue substantially lower than the private equity offering it had carried out with Citigroup Venture Capital International. The company had sold 3.7 mn shares at a price of Rs 270 per share in June.

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JM Morgan Stanley, DSP Merill Lynch, Enam Financial Consultants and SSKI Corporate Finance are the book running lead managers for the issue. The company plans to deploy the proceeds of the issue its power, highways and airport projects.

Meanwhile, company has also partnered with Australia’s largest mining firm Thiess to bid for captive coal mines in India and abroad.

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