GMR IPO subscribed 6.5 times

The IPO of GMR Infrastructure has been subscribed 6.5 times when it closed today evening.

GMR Infrastructure, having interests in airport, power and road projects, entered the capital markets on 31 July 2006 with a public issue of 3,81,36,980 equity shares of Rs 10 each in a price band of Rs 210-250. The net offer to  public constitutes 11.3% of the fully diluted post  issue paid up capital of the company.

The company intends to use part of the issue proceeds for investment in various infrastructure special purpose vehicles, which are currently in the development stage.