India’s GMR Holdings approves Rs. 3 billion of nonconvertibles

By Tali Rackner

Norfolk, Va., Dec. 22 – GMR Holdings Pvt. Ltd. informed the Bombay Stock Exchange that its board of directors met on Sunday and approved the issue of 3,000 nonconvertible debentures with a nominal value of Rs. 1 million each, aggregating to Rs. 3 billion.

The debentures will be issued on private placement basis.

In addition, the company announced that shareholders approved the issue at the extraordinary general meeting on Monday.

GMR Holdings is the parent company of GMR Infrastructure Ltd., a Bengaluru, India-based holding company formed to fund the capital requirements of infrastructure projects in GMR’s energy, road and airport businesses.

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