GMR group to list airport business, raise Rs 5,000 crore via securities
India’s largest airport operator, GMR, has decided to separately list its airport business. The company’s board on Thursday passed a proposal that will see the holding company, GMR Infrastructure, demerge into airport and non-airport entities.
The board also approved fund-raising of up to Rs 5,000 crore through issuing securities. Sources said the company was in talks with investment banks to launch a qualified institutional placement (QIP) before the end of this calendar year.
According to the restructuring process, the non-airport business, comprising energy, urban infrastructure, and EPC services, will be moved to GMR Power and Urban Infra Ltd (GPUIL) as a going concern. GMR Infrastructure Ltd (GIL) will turn into a pure-play airport-owning company.
