India’s GMR Infrastructure Ltd., which develops airport and energy projects, plans to raise $150 million in private equity funding, Reuters reported. The company is in the process of securing government approval for the fundraising, which will support its airport business. Last month, GMR said Macquarie SBI Infrastructure Investments had invested $200 million in its unit, GMR Airports Holding Ltd, which runs the Delhi and Hyderabad airports, Reuters wrote.
(Reuters) – India’s GMR Infrastructure Ltd , which develops airports and power projects, is looking to raise $150 million through private equity for its airport arm, its group chief financial officer said on Tuesday.
The company was in the process of securing government approvals for the deal, which had already won clearance from the Foreign Investment Promotion Board, Subbarao Amarthaluru told Reuters in an interview, adding it would be difficult to set a timeline for the deal closure.
There would be no immediate equity dilution due to the investment as it would be in the form of compulsorily convertible structured product that will be convertible at the time of the unit going public, he added.
Last month, GMR said Macquarie SBI Infrastructure Investments had invested $200 million in its unit, GMR Airports Holding Ltd, which runs the Delhi and Hyderabad airports. (Reporting by Bharghavi Nagaraju and Ketan Bondre; Editing by Lincoln Feast)