In order to raise equity capital for its ongoing projects, The energy division of GMR Infrastructure may be listed in the stock exchange, reports indicate.
GMR Energy, which operates power plants with a total capacity of 1,487 mw, is working on over 3,000 mw of power projects.
The company plans to raise around Rs 1,500 crore by offering 10 percent stake through fresh equity issuance.
GMR Infra roped in Bank of America Merrill Lynch and Macquarie for managing the public issuance, reports suggest.
GMR Infrastructure-led Hyderabad airport plans to create a separate arm for its fuel farm business and then sell a 74 percent stake in it.
In line with its Asset Light, Asset Right strategy, GMR plans to offload stake in some of its assets in order to reduce debt. Recently, GMR Infra was planning an exit from Turkish airport.
Some months ago, it sold 70 percent stake in GMR Energy (Singapore) Pte to FPM Power for S125 mn (Rs 2,907 cr). Later, it also sold its stake in coal mines in South Africa, raking in around $50 mn.
Also, GMR Highways signed a definitive agreement with Macquarie SBI Infrastructure Investments Pte and SBI Macquarie Infrastructure Trust to divest 74 percent stake in GMR Jadcherla Expressways.
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