Gmrs Two
Gmrs Two
Lack of appetite of investors in the volatile market forces to abandon the Plan of Cooperation
href = "http://www.zameen-zaidad.com/"> GMR Infrastructure on Tuesday was forced to abandon their attempt to collect 500 million dollars (Rs 2,000 million rupees) sales outside of market share to institutional investors after having shown little interest in the tender.
The failure of the company based in Bangalore to raise money through an investment Qualified institutional (PER) is perceived as bad news for dozens of others who have aligned provides a similar action to raise some 20,000 million rupees rupees this year.
"We have decided to withdraw the QIP in the light of prevailing market conditions," GMR Infrastructure said in a statement to BSE. Shares of the company declined 8.79% to 141.65 rupees on the BSE while the benchmark Sensex closed almost 2% lower. GMR Infrastructure was Rs 142 and the floor price for the PCM.
The company is part of the GMR Group, which operates the international airport in Hyderabad and is a shareholder Majority of the consortium operating and upgrading the international airport in Delhi.
A person with knowledge of business processes said there was no investor appetite QIP by only one fifth of the 500 billion dollar offer.
"I want to raise a significant amount, because they do not meet our goal of raising capital for growth," CFO A Subba Rao told ET. " Now, time properly, "he added.
Quick Impact Projects, which was designed to raise money in preparation of projects infrastructure may further began on Monday night.
"It is much more than the appetite of investors to absorb as much paper at once, "an infrastructure with a firm of consultants.
Courtesy: – ET DT: – 01-07-09
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Article Source: ArticlesBase.com – GMR PUTS OFF $500-M QIP ISSUE
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