GMR Infrastructure, through its wholly owned subsidiary GMR Airports Holding, is planning to raise $200 million from the sale of shares to Macquarie SBI Infrastructure Investment (MSIIL), a source close to the company told Infrastructure Investor.
The source said the funds will be used for expansion in the airport sector.
A news report in The Economic Times says that the preference shares will be converted into equity shares and, depending on the price at the time of conversion, MSIIL may acquire a maximum stake of up to 39.1 percent in GMR Airport Holdings.
Reports also suggest that based on the transaction, GMR Airports Holding will be valued at INR 2.4 billion (€39.6 billion; $52.2 million). The funds will be used to buy the holding of GMR Infrastructure in the airports business, including equity stakes in Delhi and Hyderabad International airports.
GMR Group, of which GMR Infrastructure is a subsidiary, is a Bangalore-headquartered global infrastructure firm with investments in airports, energy, highways and urban infrastructure. The group has recently completed the construction of the eighth-largest airport terminal in the world – in Delhi – with a floor space of 5.4 million square feet.
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