GMR Infra to raise Rs 5,000cr, Q2 net down 7%

The board of directors of GMR Infrastructure, which met today, approved a proposal to raise up to Rs 5,000 crore via foreign currency convertible bonds (FCCBs)/global depository receipts (GDRs)/American Depository Receipts (ADRs) or any other type of equity-releated instrument.

The board also approved the second quarter results of the company at its meeting today. While net profit declined 7.5% to Rs 49.58 crore, revenue increased 28% to Rs 406.9 crore in the quarter ended September 30, 2007.

The company had earlier announced that it is sitting on an idle asset in the form of a completely set-up 388 MW gas-powered project in Vemagiri in Andhra Pradesh, and they are not able to generate power due to lack of gas supply.

GMR Infrastructure is revamping the Delhi International Airport, and building the greenfield Hyderabad International Airport.