GMR Infra withdraws $500 mn QIP issue

Reuters
Posted: Tuesday, Jun 30, 2009 at 1619 hrs IST
Updated: Tuesday, Jun 30, 2009 at 1619 hrs IST

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Mumbai: GMR Infrastructure Ltd has decided to withdraw its qualified institutional placement due to "existing market conditions," it said in a statement to the Bombay Stock Exchange.

Earlier in the day, two sources said the infrastructure company cancelled a share sale due to poor investor demand even after slashing the size by four-fifths to $100 million.

The firm had launched a $500 million share sale on Monday amid a flurry of equity offers by Indian firms worth nearly $2 billion.

Shares in GMR Infra extended losses and were down 8.76 at Rs 141.70 in a weak Mumbai market.

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