GMR Infra raises US$350mn via QIP

GMR Infrastructure Ltd. raised US$315mn through issue of shares to foreign investors. Bangalore-based GMR received good interest and the company raised the offering size from an initially planned US$250mn, according to reports. Foreign investors bought 88% of the QIP, with half of the total demand coming from Europe and the remaining from Asia, reports added. GMR opened the sale on April 15 and said the proceeds would be used for capital expenditure and for acquisitions. The floor price for the QIP was Rs62.20, a discount of 2.5% to the close on April 15. Bank of America-Merrill Lynch was the sole global manager for the QIP, while Axis Bank and IDBI Capital Markets were the other lead managers. Last week, an arm of GMR Infrastructure raised US$200mn when Singapore state investor Temasek Holdings bought a stake in unlisted GMR Energy. In June 2009, GMR Infrastructure had cancelled a US$500mn QIP due to poor investor demand.

Separately, IVR Prime Urban Developers Ltd., a subsidiary of Hyderabad-based infrastructure major IVRCL Infrastructures & Projects Ltd., is planning to raise capital through qualified institutional placement (QIP). The funds will be used for execution of projects and working capital requirements. IVRCL has recently raised Rs630mn by selling two separate land properties in Pune and Chennai.

Welspun India Ltd. launched a QIP to raise up to Rs1.5bn. The shares will be sold at Rs97.50 apiece, a discount of 14.6% to the close on April 12 of Rs114.20. Motilal Oswal Financial Services was the sole arranger to the issue.