GMR Infrastructure declined 2.4% to Rs 18.30 at 11:00 IST on BSE after the company has set a rights issue price of Rs 15 per share, which was at a discount of 18.03% to current ruling price.
The company made the announcement before market hours today, 2 March 2015.
Meanwhile, the BSE Sensex was up 41.25 points, or 0.14%, to 29,402.75.
On BSE, so far 9.09 lakh shares were traded in the counter, compared with an average volume of 19.33 lakh shares in the past one quarter.
The stock hit a high of Rs 19 and a low of Rs 18.10 so far during the day. The stock hit a 52-week high of Rs 38.30 on 10 June 2014. The stock hit a 52-week low of Rs 15.35 on 16 December 2014.
The stock had outperformed the market over the past one month till 28 February 2015, rising 11.28% compared with 0.67% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 3.35% as against Sensex's 2.33% rise.
The large-cap infrastructure firm has an equity capital of Rs 436.12 crore. Face value per share is Re 1.
GMR Infrastructure said that the board of directors of the company at its meeting held on 28 February 2015, has finalised the terms and conditions of rights issue. The rights issue size will be of Rs 1401.83 crore, consisting of 93.45 crore shares and will be allotted in the ratio of 3 shares for every 14 shares held, with issue price of Rs 15 per share.
The rights issue price of Rs 15 per share was at a discount of 18.03% to the current ruling price of Rs 18.30 per share.
GMR Infrastructure's consolidated net profit fell 44.7% to Rs 638.33 crore on 2.1% rise in total income to Rs 2842.76 crore in Q3 December 2014 over Q3 December 2013.
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