Power News We love to talk!

FEB 24 2014

GMR, investors to rejig investments in GMR Energy

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 24th FEB 2014

GMR, Temasek and IDFC Alternatives-led consortium of investors, IDFC Consortium, has agreed to restructure its existing investment in GMR Energy Ltd (GEL).

These investors had invested Rs. 1,395 crore in compulsorily convertible preference shares (CCPS) in GEL in 2010.

GMR group and the investors have now agreed to restructure the terms taking into account the interest of both the parties.

Preferential allotments

GMR Infrastructure Ltd, subject to satisfaction of conditions precedent, will issue CCPS worth Rs. 788.8 crore to Temasek and Rs. 347.8 crore to the IDFC Consortium through a preferential allotment.

The residual investment of the investors in GEL will continue. Commenting on the arrangement, GMR Group Chairman GM Rao said, “This is the culmination of the long-term partnership with the investors and demonstrates their confidence in the Group. We are confident that together with the support from the investors, we will build a strong energy portfolio”.

Tags

Energy GMR Group GMR Energy Ltd GMR Infrastructure Ltd

Related News

  • Maharashtra to soon introduce Energy Conservation policy  Read more
  • Opec's weakest links feeling pain that US shale producers seek  Read more
  • Aggressive bidding for coal blocks is likely to cost power companies dear  Read more
  • Tamil Nadu to set up Rs 2350 crore solar photovoltaic power park  Read more
  • MUDA commissions rooftop solar power unit on its building  Read more
  • Indian Oil Corporation gets government nod to buy US crude oil every month this year  Read more
  • ONGC seeking oil assets in other regions amid Iran gas row  Read more
  • In liberalised coal mining regime, Coal India seeks advantage  Read more
  • Power distribution companies to see marginal rise in credit metrics in 2017: Fitch  Read more
  • Piramal Finance sanctions Rs700 crore more ACME Solar Holdings  Read more