GMR Energy to get $200 million funds from Temasek arm Claymore Investments

GMR Infrastructure Ltd has announced that GMR Energy Ltd ('the Company'), subsidiary of GMR Infrastructure Ltd (GIL), on April 09, 2010, announced that Claymore Investments, a wholly owned subsidiary of Temasek Holdings (the "Investor") has committed to make an investment of up to USD 200,000,000 in the Company. The Company is engaged inter alia in the business of power generation, transmission, and distribution of electricity in India.

The Board of Directors of the Company has, on March 17, 2010, approved the aforesaid investment by the Investor for subscription to convertible securities of the Company. In connection with such investment, GMR Infrastructure Ltd ("GIL") as the promoter of the Company, the Company and the Investor have entered into an agreement whereby the parties to the agreement have assumed certain rights and obligations including providing exit options to the Investor.

The GMR Infra stock closed the day at Rs.61.70, up by Rs.0.35 or 0.57%. The stock hit an intraday high of Rs.62.70 and low of Rs.61.20.

The total traded quantity was 671098 compared to 2 week average of 736810.

Source : Equity Bulls

Keywords