GMR Infrastructure tumbled 6.96% to Rs 21.40 at 12:24 IST on BSE on equity dilution worries after the company's board approved raising upto Rs 2500 crore through various options.
The company made the announcement after market hours on Friday, 24 January 2014.
Meanwhile, the BSE Sensex was down 342.34 points, or 1.62%, to 20,791.22.
On BSE, so far 1.67 lakh shares were traded in the counter, compared with an average volume of 6.63 lakh shares in the past one quarter.
The stock hit a high of Rs 22.45 and a low of Rs 21 so far during the day. The stock hit a 52-week high of Rs 25.35 on 1 January 2014. The stock hit a record low of Rs 10.65 on 6 August 2013.
The stock had underperformed the market over the past one month till 24 January 2014, falling 3.97% compared with the Sensex's 0.48% rise. The scrip had also underperformed the market in past one quarter, rising 1.10% as against Sensex's 1.97% rise.
The mid-cap company has an equity capital of Rs 389.24 crore. Face value per share is Re 1.
GMR Infrastructure said it secured the approval of its board of directors for raising upto Rs 2500 crore through various options, including foreign currency convertible bonds, a follow-on offer, a further public offer and private placement, among others.
If one assumes that the company raises Rs 2500 crore through fresh issue of shares at the ruling market price of Rs 21.40, the likely equity dilution works out to 30%.
GMR Infrastructure will announce Q3 results on 11 February 2014. The company reported a consolidated net loss of Rs 393.05 crore in Q2 September 2013, higher than net loss of Rs 179.30 crore in Q2 September 2012. Net sales rose 1.1% to Rs 2397.21 crore in Q2 September 2013 over Q2 September 2012.
GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors.
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