Infrastructure company GMR Infrastructure Ltd will raise upto Rs 2,500 crore to fund its expansion plans, the company said on Thursday.
In a statement to the Bombay Stock Exchange, GMR said that its board of directors at a meeting on Wednesday accorded approval for raising funds through issue of non-convertible debentures, equity shares or equity-linked instruments or any other securities upto Rs 2,500 crore, subject to shareholder approval.
The board of directors of the company also approved the forfeiture of 4,500 partly paid-up equity shares of the company of Re 1 each, with effect from August 14, 2014, on which an aggregate sum of Rs 33,525 remains unpaid due to the failure of the shareholders of these partly paid-up equity shares to pay the unpaid amount of allotment money due, the company said in a statement.
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