Gmr Power And Urban Infra Limited has informed the Exchange regarding Corrigendum to Notice of Postal Ballot
GMRP&UI · price
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Awaiting price reaction for this filing.
GMR Power and Urban Infra has issued a corrigendum to its postal ballot notice dated December 17, 2025, after stock exchanges (BSE/NSE) asked for more detailed disclosure on the use of issue proceeds. The company is seeking shareholder approval to raise Rs. 1,200 crores through a preferential issue of equity shares and fully convertible warrants. Credit Solutions India Trust, a SEBI-registered Category II AIF backed by global fund Värde Partners, is one of the proposed allottees and is classified as a Qualified Institutional Buyer (QIB). Of the Rs. 1,200 crore proceeds, Rs. 550 crore will go toward repaying the company's own borrowings, Rs. 450 crore toward repaying loans of subsidiaries (GMR Generation Assets, GMR Smart Electricity Distribution, and GMR Highways), Rs. 100 crore for infusion into subsidiaries/JVs, and Rs. 100 crore for general corporate purposes. E-voting is open until January 16, 2026, and members who have already voted can change their vote based on the new information.
Existing shareholders should expect equity dilution from the preferential issue and warrant conversion. The planned use of nearly 83% of proceeds for debt repayment could strengthen the company's balance sheet and reduce interest costs. The entry of a marquee global investor like Värde Partners may be viewed positively by the market.