GMR Holding ties up Rs 1,250 crore for GMR Infra rights issue

GMR Infrastructure on Monday said its parent company GMR Holding has completed financing arrangements for its rights issue and has tied up Rs 1,250 crore to fund it.

"GMR Holdings Private Limited has secured funding of Rs 1,250 crore from KKR Capital Markets India Private Limited and its co-investors and definitive documents in this regard have already been executed, GMR Infrastructure said in a filing to the Bombay Stock Exchange (BSE).

"The funding arranged constitutes about 89.17 per cent of the size of the rights issue", the filing said.

"Of the total Rs 1,250 crore, an amount of Rs 1,130 crore has already been drawn and balance is expected to be drawn shortly," it added.

GMR Holding will utilise the funds to subscribe to the rights issue of GMR Infrastructure. The company said it will also subscribe to the re-subscribed portion, if any, of the rights issue.

GMR Infrastructure shares were trading 3.37 per cent up at Rs 15.35 apiece during afternoon session on the BSE.