UPDATE: GMR raises $315 mn in share sale

GMR Infrastructure today said it has raised $315 million (Rs 1,402 crore) by selling shares to overseas institutional buyers.The issue opened yesterday and closed this morning. The shares were sold to qualified institutional buyers (QIBs).
    
The issue was priced at Rs 62.20 per share, which is a discount of 2.58 per cent over the closing price of Rs 63.85 on the Bombay Stock Exchange yesterday.
    
Bank of America Merrill Lynch was the sole global coordinator and lead book running manager for the issue.
    
The lead managers were Axis Bank, ICICI Securities and IDBI Capital Market Services. GMR Infrastructure is engaged in generation of power, development of expressways and airport infrastructure facilities, among others.
    
Shares of the company were trading at Rs 63.35 on BSE, down 0.78 per cent from the previous close.