GMR to tap funds of upto Rs 2500 cr

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.