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GMR Infra promoters pledge shares to cover stock plunge

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SummaryThe promoters of GMR Infrastructure have made additional pledges of 119 million shares

The promoters of GMR Infrastructure have made additional pledges of 119 million shares with various lenders to make up for a decline in the companyís stock prices. GMR Holdings, which holds 70.30% stake in the company, has pledged around 45% of its stake, according to its filing to the stock exchanges on Tuesday.

The pledges were created last week in favour of lenders such as L&T Finance, Motilal Oswal Financial Services, Macquarie Finance, IFCI and STCI Finance among others, it said. As infrastructure stocks took a beating on the stock exchanges on Tuesday, GMRís share price touched its lowest point of R10.65 on the Bombay Stock Exchange before closing at R11.46, down by 5.99% from the previous close.

The companyís stock has fallen 35.25% in the month to August 6 from R17.7, according to BSE data. GMR, which faced a net debt of R33,715 crore at the group level at the end of FY13, has been following an Ďasset-light, asset-rightí strategy of rationalising assets.

It booked a profit of R1,231 crore by divesting its stake in the Island Power project in Singapore in March in addition to selling 74% stake in the GMR Jadcherla highway project in Andhra Pradesh to Macquarie SBI Infrastructure Fund and divesting stake in two coal mines in South Africa. The company had posted a consolidated net profit of R88 crore in FY13, after two years of losses.

GMR is set to announce its April-June quarterly earnings on August 13.

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