GMR Infrastructure said on Thursday a private equity fund, IDFC Private Equity Fund III, and four other investors have agreed to invest Rs 465 crore (USD 99.63 million) in its unit, GMR Energy.
Infrastructure Development Finance Company, IDFC Investment Advisors Ltd Argonaut Ventures and Ascent Capital Advisors India Pvt Ltd are the other investors in the power utility, GMR Infrastructure said in an exchange filing.
On 19 April, group chief financial officer, Subbarao Amarthaluru, told Reuters that the group wants to raise additional USD 100 million in private equity for its unlisted power unit in about one and half months.
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GMR Energy, which has plans to expand capacity to 5,500 MW from 823 MW at an estimated cost of Rs 30,000 crore, had in early April raised USD 200 million from Singapore state investor Temasek Holdings in another private equity deal.
Shares in GMR Infrastructure ended up 0.88% in a Mumbai market that closed up 1.81%.
Source: Money Control