GMR kicks off QIP to raise Rs 1,200 cr

GMR Infrastructure has launched a QIP (qualified institutional placement), after market hours on Wednesday to raise around Rs 1,200 crore. The infrastructure major has set a floor price of Rs 33.14 per share for the QIP.

A senior management official said that they can offer some discount to upto Rs 30 per share depending on the response to the offer.  The offer size may also be enlarged depending on the offer, he added.

The company will use the proceeds of this QIP to reduce a part of its Rs 40,000-crore debt as well as route equity into a coal-fired power project being put up in Chhattisgarh which will have a 1,370 Mw capacity.