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GMR Power gets board nod to raise ₹3,000cr
GMR Power and Urban Infra just got board approval to raise up to ₹3,000 crore through QIP and FCCBs—basically ways to bring in big investments from institutions and overseas.
The move was decided at their August 22 board meeting, but it still needs the green light from shareholders and regulators.
Other updates from the meeting
The company also reappointed independent directors Shantanu Ghosh, Dr. Fareed Ahmed, and Suman Naresh Sabnani for another five years.
After all these updates, GMR Power's shares closed up by 1.28% at ₹118.6 on the BSE.
The company is part of the larger GMR Group and has a market cap of ₹8,496.5 crore with public shareholding valued at ₹3,452.1 crore.