GMR Power & Urban Infra Ltd Share Price – NSE  /  BSE

Infrastructure Developers & Operators, Small Cap

GMR Power & Urban Infra has postponed the meeting of the Board of Directors which was scheduled to be held on 13 March 2024 . The meeting will now be held on a later date .

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GMR Power & Urban Infra will hold a meeting of the Board of Directors of the Company on 13 March 2024.

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“Meeting of the board of Directors of the company is scheduled to be held on Wednesday, March 13, 2024 to inter-alia, consider and approve the raising of funds of Rs 181 crore (approximately) by way of issuance of non-convertible debentures on private placement basis,” GMR Power & Urban Infra said in regulatory filing.

GMR Power and Urban Infra a subsidiary of GMR Enterprises (GEPL) holds expertise in the sectors of Energy, Urban Infrastructure and Transportation. Urbanization has given the country rapid growth and contributing towards this growth, GMR Group ventured into this business sector.

The company’s consolidated net profit declined 87.64% to Rs 43.17 crore on 3.57% fall in revenue from operations to Rs 1,102.79 crore in Q3 FY24 over Q3 FY23.

The scrip added 2.18% to end at Rs 50.52 on Thursday, 7 March 2024.

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GMR Power & Urban Infra has entered into a binding agreement with Claymore Investments (Mauritius) (Claymore) for the acquisition by the Company of 42,04,16,542 equity shares of GMR Energy (GEL) (representing 11.66% of the equity share capital of GEL) from Claymore at a negotiated settlement price of Rs. 442 crore.

The transaction will consolidate the existing stake of the Company in GEL to about 99.08%. With this complete buy-out of Claymore's stake, and upon payment of the entire consideration of Rs. 442 crore the Shareholders' Agreement with Claymore will stand terminated.

GEL was incorporated on 10 October 1996 and is engaged in the business of development, operation and maintenance of power projects, power generation, transmission, distribution and trading of electricity, through its subsidiaries.

The Transaction is between the Company and Claymore and Claymore is not a related party to the Company.

GEL is currently a subsidiary of the Company and of its promoter company, GMR Enterprises. Other than the direct and indirect shareholding of these entities in GEL, there is no other interest the promoters or promoter group have in GEL or in the transaction.

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