Business

GMR Infra rights issue to open on March 24

GMR Infrastructure today said its Rs 1,400 crore rights issue will open on March 24.

“The Management Committee of the Board of Directors of the Company has approved and adopted the Letter of Offer (LOF) and issue schedule, for the issue of equity shares having face value of Re 1 each by the company on a rights basis to its existing shareholders,” GMR Infrastructure informed BSE.

The closing date for the rights issue is April 8, 2015.

The issue seeks to mobilise over Rs 1,400 crore consisting of 934.5 million fully paid up equity shares of face value of Re 1 each.

The equity shares are being offered on a rights basis to the eligible equity shareholders in the ratio of 3 equity shares for every 14 equity shares held on the record date of March 12.

Shares of GMR Infrastructure were trading at Rs 17.45, up 1.45 per cent from their previous close on the BSE.