GMR Infra likely to launch Rs 6,000 crore QIP, debt reduction in focus

Infrastructure major GMR Infrastructure is likely to launch a Rs 6,000 crore qualified institutional placement (QIP) issue by October end.

The QIP would lead to a dilution of about a 15 percent stake in the company and this fund which would come in is going to be very important for the purpose of debt retirement, sources told CNBC-TV18.

GMR interest debt is a debt is about Rs 4,500 crore as per the figures released by the company. So Rs 6,000 crore coming into the company would really be helpful in terms of paring down that debt. CNBC-TV18 wrote to GMR Infra but the company said it ill not comment on market speculation.