Shares of GMR Infrastructure have dropped 2.3% to Rs 13.18 on the Bombay Stock Exchange (BSE) after credit ratings agency CARE has downgraded ratings for long-term loans to GMR Hyderabad-Vijayawada Expressways to default grade "D" due to delays in servicing debt and cash losses.

The company has been revised from ‘BBB’ to ‘D’ after considering the delays in servicing debt obligations.

GMR Infrastructure has gained 4.5% to Rs 12.80 on the NSE after GMR Energy's two power plants in Andhra Pradesh were awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India.

GMR Energy announced that two of its gas based plants - GMR Vemagiri Power Generation (GVPGL) and GMR Rajahmundry Energy (GREL) - in Andhra Pradesh have been awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India, on 15 September 2015.

Gammon Infrastructure's move to sell its stake in nine projects (six road and three power projects) will fetch it Rs 563 crore besides lowering its debt. It will also help it streamline the stretched balance sheet.

The slowdown in the infrastructure sector has taken its toll on players in the space. Many BOT developers (like Sadbhav, ITNL) and asset owners (like GMR, GVK, Gammon Infra) were not generating enough cash from their operational projects to fund the equity requirement for their new projects or were having highly stretched balance sheets. Thus, the street and analysts expected many of these companies to put their road BOT projects up for sale.

Mumbai: GMR Infrastructure Ltd is planning to sell GMR Hotels and Resorts Ltd, which owns and manages Novotel Hyderabad Airport Hotel.

The bidding process for selling the hotel is at a very early stage of calling for so-called expression of interests (EoIs) and the company will take a suitable decision based on any interest received over and above the floor price, GMR Infrastructure said in a filing to BSE on Friday.

GMR Infrastructure's consolidated net loss narrowed to Rs 429.45 crore for the June quarter.

It had reported a net loss of Rs 593.2 crore a year ago.

GMR Infrastructure's net sales in the quarter under review rose to Rs 2,928.22 crore, up 8.47 per cent, as against Rs 2,699.38 crore in the same quarter a year earlier, GMR Infrastructure said in a BSE filing.

GMR-Megawide is in race to acquire operations of five airports worth $2.4 billion in Philippines under PPP model.

As many as six companies, including GMR-Megawide, have evinced interest in the airport projects, according to a statement issued by the Philippines government.

GMR Infrastructure has sought refinance under the Reserve Bank of India’s (RBI) 5/25 scheme for loans totalling over R37,000 crore, bankers confirmed to FE. According to a senior banker in the consortium, the company had “informally conveyed its request” for a refinancing via the 5/25 scheme.

“We too agree that the company requires a loan recast and it should happen in due course,” the banker said. Since the company has multiple project loans, the restructuring would be done for each one separately.

GMR Infrastructure has joined a long list of Indian companies that have asked banks to restructure their loans under the 5/25 scheme as they are unable to meet their debt servicing commitments due to an economic slowdown.

Aimed at providing relief to the infrastructure sector, the 5/25 scheme allows banks to extend the repayment schedule of loans to 25 years with an option to refinance them at the end of five years. A slew of Indian companies setting up power, pipeline and road projects have sought extended repayment.

NEW DELHI: GMR Infrastructure has reported a consolidated net loss of Rs 892 crore for the quarter ended March 31, 2015, impacted by various charges including higher finance costs.

The infrastructure giant with interests in airports, energy and highways had reported Rs 1,170 crore net profit for the January-March quarter of the 2013-14 fiscal.

Rating agency ICRA has downgraded long-term loans to GMR group's power projects to default grade "D" on delay in loan repayments.

The loans, amounting to over Rs 11,000 crore, carried "BB" rating earlier.

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