At the proposed board meeting of the company scheduled to be held on August 13, 2014, the board will consider, inter alia, raising of funds through issue of equity shares/equity linked instruments, debentures or any other securities as an enabling resolution as per the requirements of company law, the company said in a filing to the Bombay Stock Exchange on Monday. The company did not specify the quantum of funds it was looking to raise.
In a meeting in January, the company's board had given its approval for an enabling resolution to raise up to R2,500 crore through several options, including follow-on offers, private placement or issue of foreign currency convertible bonds.
GMR has previously indicated that it has plans to list its energy and airport arms. Apart from its recent QIP, the company has plans to issue and allot up to 18 crore warrants under a preferential allotment to the promoter group entities, which is expected to infuse around R600 crore into the company.
The proceeds of the QIP offering and the preferential allotment will be used primarily to strengthen the company's finances by repaying borrowings, or for capital expenditure and working capital needs, GMR had said in July.
The group has reduced debt by around R6,000 crore through the asset-light-asset-right policy of divestment it has been following for over a year, GMR's chief financial officer Madhu Terdal had said in May. Net debt at the group level stood at R37,788 crore at the end of March 2014