GVK group to raise Rs.1,500 cr via QIP

Mumbai: GVK Power & Infrastructure Ltd will raise Rs 1,500 crore through qualified institutional placement to trim its debt and has sought shareholder approval to raise the amount.

GVK group which runs airports in Mumbai and Bangalore, power plants and road projects has a consolidated debt of over Rs 22,000 crore. The ultimate holding company GVK Power & Infrastructure Limited and holding companies in energy, airport and transport business have a debt of about Rs 3,000 crore. In its notice to share holders the company has sought approval to raise Rs 1500 crore which includes a green shoe option to retain Rs 500 crore from excess subscription.