IDFC fund picks up 4.25% stake in GMR Infra

India Development Fund (IDF), a fund managed by IDFC Private Equity, has picked up 4.25 per cent stake in GMR Infrastructure, which bagged the Delhi Airport project, through a swap deal.

IDF has swapped its 15 per cent stake in GMR Energy for 4.25 per cent stake in GMR Infrastructure, according to investment banking sources.

GMR, a major power and infrastructure group, was awarded a long-term agreement to operate, manage and develop the Delhi Airport following a competitive bidding process.

It also holds 63 per cent of GMR Hyderabad International Airport (GHIAL), which is developing the Hyderabad Airport pursuant to a 30-year concession granted by the government. Investment houses have valued the company at over Rs 7,500 crore.

"Recently, private equity firm ICICI Venture picked up 3.5 per cent stake in the company for Rs 250 crore," sources said. GMR executives were not available for the comment.

Meanwhile, GMR Infrastructure is all set to hit the capital market by second or third week of June. The company has already filed draft red herring prospectus with the Securities Exchange Board of India (Sebi).

"The company is planning to raise over Rs 1,500 crore through public issue and private equity placement. The company will be diluting 18 to 19 per cent stake through these options," sources said.

Sources said quite a few private equity funds are in talks with GMR Infrastructure for equity placement. "The company will raise Rs 500 via private equity place and remaining through public issue," they added.