The promoters of GMR Infrastructure have made additional pledges of 119 million shares with various lenders to make up for a decline in the company’s stock prices. GMR Holdings, which holds 70.30% stake in the company, has pledged around 45% of its stake, according to its filing to the stock exchanges on Tuesday.
The pledges were created last week in favour of lenders such as L&T Finance, Motilal Oswal Financial Services, Macquarie Finance, IFCI and STCI Finance among others, it said. As infrastructure stocks took a beating on the stock exchanges on Tuesday, GMR’s share price touched its lowest point of R10.65 on the Bombay Stock Exchange before closing at R11.46, down by 5.99% from the previous close.
The company’s stock has fallen 35.25% in the month to August 6 from R17.7, according to BSE data. GMR, which faced a net debt of R33,715 crore at the group level at the end of FY13, has been following an ‘asset-light, asset-right’ strategy of rationalising assets.
It booked a profit of R1,231 crore by divesting its stake in the Island Power project in Singapore in March in addition to selling 74% stake in the GMR Jadcherla highway project in Andhra Pradesh to Macquarie SBI Infrastructure Fund and divesting stake in two coal mines in South Africa. The company had posted a consolidated net profit of R88 crore in FY13, after two years of losses.
GMR is set to announce its April-June quarterly earnings on August 13.