GMR raises cash from Kuwait fund

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GMR Infrastructure has raised US$300 million through the issue and allotment of 7.5% subordinated convertible bonds due in 2075 to Kuwait Investment Authority (KIA), a sovereign wealth fund.

The foreign currency convertible bonds (FCCBs), which are worth US$50 million each, can be converted into fully paid-up equity shares after 18 months. The floor price for the conversion of the bonds has been fixed at ₹18 (US$0.27) per equity share (determined in accordance with applicable law).

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