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GMR Power Allots Equity and Warrants to Raise ~₹900 Crore via Preferential Issue
GMR Power and Urban Infra Limited has completed the allotment of 6.62 crore equity shares and 3.31 crore convertible warrants at an issue price of ₹120.88 per share. The company raised approximately ₹800 crore through equity allotment to non-promoter entities and received ₹100 crore as the 25% upfront payment for warrants from a promoter group entity. This capital infusion increases the immediate paid-up equity capital to ₹390.51 crore. The warrants are convertible into equity within 18 months, which would further increase the share capital to ₹407.05 crore.
Key Highlights
Allotted 6,61,81,335 equity shares at ₹120.88 each to non-promoter public investors
Allotted 3,30,90,668 warrants to Promoter Group entity with 25% consideration (₹100 crore) received
Total fundraise value approximately ₹900 crore including the warrant subscription amount
Paid-up equity share capital increased from 71.48 crore shares to 78.10 crore shares
Warrants are convertible into equity within 18 months at the same price of ₹120.88
💼 Action for Investors
Investors should view this as a positive capital infusion that strengthens the balance sheet, though it results in equity dilution. Monitor the company's upcoming disclosures regarding the specific utilization of these funds for debt reduction or project expansion.