From Kuwait Investment Authority
Kuwait Investment Authority signed definitive agreement to invest USD 300 million (Rs 2000 crore) in GMR Infrastructure.Kuwait Investment Authority agreed to subscribe to a sixty year (60 year) long Foreign Currency Convertible Bond (FCCB) due 2075 to be issued by GMR, the flagship company of the GMR Group. The proceeds from the FCCB will be primarily used to repay certain outstanding obligations of GMR and its subsidiaries. The conversion price of Rs. 18/- represents approximately 30% premium to the 3 months average share price of GMR.
The completion of the transaction and receipt of funds is subject to fulfillment of customary closing conditions for transactions of this nature and procuring necessary approvals.
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