New Delhi, April 6: A consortium led by GMR Infrastructure has bagged an order for the construction of the 417-km eastern dedicated freight corridor railway project at an estimated cost of Rs 5,080 crore.

"A consortium led by GMR Infrastructure Ltd has been issued the letter of award for construction of 417-km long Eastern Dedicated Freight Corridor railway project at a cost of Rs 5,080 crore on EPC (engineering, procurement and construction) basis," the company said in a statement.

A GMR Infrastructure-led consortium has bagged an order for construction of 417 km-long eastern dedicated freight corridor railway project which is estimated to cost Rs 5,080 crore.

"A consortium led by GMR Infrastructure Ltd has been issued Letter of Award for construction of 417-km long Eastern Dedicated Freight Corridor railway project at a cost of Rs 5,080 crore on EPC (Engineering, Procurement and Construction) basis," the company said in a filing to BSE.

GMR Infrastructure has come out with a rights issue to mobilise Rs 1,400 crore consisting of 934.5 million fully paid-up equity shares of with a face value of Re 1 each. The equity shares are being offered on a rights basis in the ratio of three equity shares for every 14 shares held on the record date of March 12.

Opened on March 24, the rights issue is set to close on April 8, 2015. The issue is set to bring the company back on track by reducing debt at the corporate level and thereby improving the company’s balance sheet.

GMR Airports, a subsidiary of GMR Infrastructure, has upped its stake in Delhi International Airport (DIAL) by entering into an agreement to buy a 10% stake from Malaysia Airports (Mauritius) for $79 million. The stake purchase will take the group’s shareholding in the airport to 64%.

Malaysia Airports Holdings Berhad (MAHB) on Tuesday announced a sale of its entire 10 per cent stake in Delhi International Airport Limited (DIAL) to the GMR group for Rs 492 crore. It said having a minority share did not give it any influence over the venture.

DIAL was set up in 2006 as a joint venture of the GMR group (54 per cent stake), the Airports Authority of India, or AAI (26 per cent), and two foreign partners - Fraport AG and MAHB, 10 per cent stake each.

GMR Infra today said its parent company GMR Holding has completed financing arrangements for its rights issue and has tied up Rs 1,250 crore to fund it.

"GMR Holdings Private Limited has secured funding of Rs 1,250 crore from KKR Capital Markets India Private Limited and its co-investors and definitive documents in this regard have already been executed, GMR Infrastructure said in a filing to the BSE.

New Delhi: In an indication of growing investor interest in India’s power sector, Sembcorp Industries Ltd of Singapore and Korea Electric Power Corp. (Kepco) are in separate talks to buy GMR group’s 1,400 MW power project in Odisha.

The GMR group has sold several of its power, road and airport projects as part of its “asset light, asset right” strategy. The project in question is GMR Kamalanga Energy Ltd at Kamalanga in Dhenkanal.

Mumbai: GMR Infrastructure Ltd on Thursday said that its planned Rs.1,401.83 crore rights issue will run from 24 March to 8 April.

On 2 March, the company had said it will issue 934.5 million shares at Rs.15 apiece. Eligible shareholders will be offered three shares for every 14 they hold. The proceeds of the issue will be used for repaying debt. GMR had debt of over Rs.40,000 crore as on 30 September 2014.

RBI's surprise rate cut, much before its next month's meeting, means good news for infra, realty as well as high-debt companies.

Banks had not cut their base rates after the RBI cut the repo rate by 25 basis points on Jan 15. The gains, however, which typically come with a lag should start reflecting soon.

Mumbai: Bengaluru-based infrastructure conglomerate GMR Infrastructure Ltd on Monday said it plans to raise Rs.1,401.83 crore by selling shares to existing shareholders, in a bid to repay debt.

The issue will consist of 93.45 crore fully paid-up equity shares with face value of Rs.1 each, the company said in a filing to BSE. Eligible shareholders will be offered three shares for every 14 shares they hold.

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