Author: Greg Bruno, Staff Writer

NEW DELHI: GMR Infrastructure on Wednesday said it had raised $1 billion by offloading 9% stake through a qualified institutional placement to investors like George Soros and Citigroup Inc.

This values the company at over $10 billion, or close to Rs 45,000 crore as the GMR group said. The amount raised would be used for both ongoing projects in India and acquisition abroad.

The group's CFO Madhu Terdal said that this QIP is part of their major expansion programme "aimed at becoming a $25 billion dollar company in next three years".

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Posted by dcjaya at December 13, 2007 12:48 PM