GMR Infrastructure to raise authorised share capital to Rs 1,950 crore

Mar 21 2014, 05:44 IST
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SummaryGMR Infrastructure’s shareholders on Thursday approved the increase in the company’s authorised share capital, preferential allotment

GMR Infrastructure’s shareholders on Thursday approved the increase in the company’s authorised share capital, preferential allotment of compulsorily convertible preference shares (CCPS), and issue of securities of up to R2,500 crore, or equivalent thereof. The decisions were taken at the company’s extraordinary general meeting (EGM).

Pursuant to the approval, GMR’s authorised share capital will be increased to R1,950 crore divided into 750 crore equity shares of R1 each, 60 lakh series A compulsorily convertible preference shares of R1,000 each, and 60 lakh series B compulsorily convertible preference shares of R1,000 each, from R750 crore divided into 750 crore equity shares of R1 each. This will lead to issue of new shares by the board of directors.

Shareholders also agreed for the company’s board to create, offer, issue, and allot 56.83 lakh compulsorily convertible preference shares of face value R1,000 each carrying a coupon of 0.001% per annum and having a term of 17 months from the date of allotment, each fully paid up, and 56.83 lakh compulsorily convertible preference shares of face value R1,000 each carrying a coupon of 0.001% per annum and having a term of 18 months from the date of allotment, each fully paid up.

Shareholders also approved GMR’s enabling resolution to raise R2,500 crore through issue of securities.

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