GMR Infra says IPO price 210-250 rupees/share

Mumbai: Indian construction firm GMR Infrastructure Ltd. said on Wednesday it plans to sell 38.14 million shares priced in the band of 210-250 rupees per share in its forthcoming initial public offer, set to open on July 31.
Retail investors and employees would be offered the shares at a 5 percent discount to the final issue price, it said.
The company has secured airport development orders in Delhi and Hyderabad. It operates 440 megawatts of electricity generation capacity and is adding another 500 megawatts. It also has several highway construction projects.
"We need to raise money to fund our expansion plans. We will soon start bidding for more road projects, and also plan to get into power transmission projects," said P.B. Vanchi, a director on the firm's board.
The book-built offer, representing about 11.5 percent of the post-issue capital, would help raise 9.54 billion rupees, valuing the firm at 82.77 billion rupees at the top end of the price band.
19/07/06 Reuters India

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