GMR Infrastructure raises $315 million from QIP

Supported by a few anchor investors, the Indian infrastructure company is able to upsize the deal by 26% – reversing a negative trend that has surrounded the stock since it cancelled a QIP in June last year.

GMR Infrastructure, which owns stakes in airports in India and Turkey as well as roads and power assets, has raised $315 million from a qualified institutional placement. The deal, which was completed Friday morning India time, is the largest equity fundraising by a private sector Indian company this year and comes nine months after the company last tried to sell new shares.

Back then, on June 29, 2009, the company had lots of competition with six other Indian deals in...

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