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Board of GMR Infrastructure finalise details for rights issue

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Capital Market
Last Updated : Mar 02 2015 | 10:01 AM IST

At meeting held on 28 February 2015

GMR Infrastructure announced that the Board of Directors of the Company at its meeting held on 28 February 2015, has finalised the terms and conditions of the issue of equity shares having face value of Re. 1 each (the "Equity Shares") by the Company on a rights basis to its existing shareholders (as on the record date), as set out below:

1. Size of the Issue : Rs. 1,401.83 crore consisting of 93,45,53,010 fully paid up Equity Shares of face value of Re. 1 each.

2. Rights Entitlement Ratio : The Equity Shares are being offered on a rights basis to the Eligible Equity Shareholders in the ratio of 3 Equity Share(s) for every 14 Equity Share(s) held on the Record Date.

3. Issue Price : Rs. 15 per Equity Share (including a premium of Rs. 14 per Equity Share)

4. Treatment of fractional entitlements : For Equity Shares being offered on a rights basis under this Issue, if the shareholding of any of the eligible equity shareholders is less than 14 Equity Shares or not in the multiple of 14, then the fractional entitlement of such eligible equity shareholders shall be ignored in the computation of the rights entitlement. However, eligible equity shareholders whose fractional entitlements are being ignored as above would be given preferential consideration for the allotment of one additional Equity Share each if they apply for additional Equity Shares over and above their Rights Entitlement, if any.

Those eligible equity shareholders holding less than 5 Equity Shares and therefore entitled to 'zero' Equity Shares under the rights issue shall be despatched a composite allocation form (CAF) with 'zero' entitlement. Such eligible equity shareholders are entitled to apply for additional Equity Shares and would be given preference in the allotment of one additional Equity Share each if they have applied for additional Equity Shares. However, they cannot renounce the same in favour of third parties Composite allocation forms with zero entitlement will be non-negotiable / non-renounceable.

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First Published: Mar 02 2015 | 9:05 AM IST

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