Nimesh Kampani of JM Morgan Stanley believes that a good quality IPO would always get a response from investors.
'GMR Group today signed an agreement with the international power producer InterGen to acquire its 100 per cent ownership stake in Island Power,' GMR Infra said in a filing to the Bombay Stock Exchange. Island Power is currently developing an 800 MW power facility in Singapore. The project would bring in about $1.5 billion (Rs 72 billion) foreign direct investment in the country.
GMR Infra's exit from this project, expected this year, will mark the company's waning global presence after a very aggressive expansion.
GMR Infrastructure on Tuesday said it plans to raise Rs 50 billion (Rs 5,000 crore) by selling shares in domestic as well as international markets.
GMR Infrastructure, which manages two airports in India, at Delhi and Hyderabad, seems hungry for more.
Asset sales have helped ease investors' worry but debt remains at alarming levels
GMR Infrastructure, which owns more than 900 acres in Delhi and Hyderabad airports, is planning to raise Rs 3,000 crore (Rs 30 billion) through land securitisation.
The company, which is bidding for 16 road projects worth Rs 10,000 crore (Rs 100 billion) this year from the National Highways Authority of India under the public-private-partnership model, intends to invest the money in the form of equity to set up special purpose vehicles to execute new road projects.
The present offer is a third of Homeland Mining's initial valuation. GMR Energy, a part of GMR Infrastructure, had valued this coal mining firm at $310 million when it acquired a small stake in April 2008. "In our due diligence, we have found out that we had valued this firm much higher based on various factors such as how many layers one has to mine to access the worthwhile coal," a GMR Group official said.
According to senior officials of the National Highways Authority of India, this project is part of a larger 245-km highway development project connecting Hyderabad and Solapur.
GMR Infra, a publicly held firm that manages the Delhi international airport, is set to kickstart the second phase of monetisation of its 230-acre land parcel near the airport.
25% each in the holding company to give them indirect control of 17.5% each in GMR Infra
Did GMR Infra get a sweet deal from former Maldivian president that turned sour as a new government came to power?
L&T IDPL, Gammon, IL&FS in race for Rs 21,147-cr Mumbai elevated rail corridor
Kiran Kumar Grandhi, 38, was earlier in charge of the urban infrastructure and highways business, which contributes five per cent of the Rs 10,000-crore revenue of GMR Infra.
Bengaluru-based GMR Infrastructure bought 50 per cent of InterGen in 2008 for USD 1.1 billion from a fund owned by American International Group Inc.
Transcript of the market chat held on January 17.
Combined debt-equity ratio of top companies declines but interest expenses outgrow profits.
At present, the Mactan Cebu International Airport can handle seven million passengers a year
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
20 new industrial clusters will be developed in 2014-15.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Promoters' holding in private sector BSE 500 companies declined to 43.4% in Sept
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Experts say investors should be careful, as even a 50-100 bps cut in rates will not help such companies if their business is not doing well. Check what is the problem and consider
More than 10% (40 of 498 companies) have lost at least half their market value.
Slowdown and liquidity squeeze by RBI have put India's top 10 indebted firms in a tight spot. But they have a few options.
An exercise to rationalise coal linkages which will optimize transport of coal and reduce cost of power is underway.
No one can fault India Inc for not taking care of shareholders; in fact, it has been extra generous.
M-cap of 35% of BSE-500 companies, excluding financial ones, is below their debt or just a shade above
The minister tells Subhomoy Bhattacharjee that he wants to set up a financing corporation for the road and shipping sectors, which will throw up a business opportunity of Rs 25 lakh crore!
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Pipeline leanest since 2004; bankers said to be cautious due to fear of rejection by Sebi.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
While some companies used that to become world leaders, others squandered it by over-borrowing.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
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