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Following the transaction, GKEL's average cost of borrowing has declined to about 9.50% per annum from around 12.15% earlier. The cost could further reduce to 9.25% per annum, subject to a credit rating upgrade.
The company estimates interest cost savings of about Rs 72-75 crore during the first full year after refinancing. Management said the reduction in borrowing costs is expected to improve profitability and support long-term financial sustainability.
GMR Power and Urban Infra is a global infrastructure conglomerate with interest in energy, road, smart meter infrastructure and urban infrastructure business sectors in India.
The company’s consolidated net profit surged 248.2% to Rs 888.39 crore on 30.8% jump in net sales to Rs 1810.36 crore in Q2 FY26 over Q2 FY25.
In addition, the company will issue upto 3,30,90,668 convertible warrants of face value of Rs 5 each, each carrying a right to subscribe to 1 equity share at an issue price of Rs. 120.88 each per convertible warrant inclusive of premium of Rs. 115.88 The warrant issue will aggregate up to Rs 400 crore and will be allotted to Hyderabad Jabilli Properties.
The tenure of the warrants shall not exceed 18 months. Warrant Allottee does not exercise the Warrants within the aforesaid period, the unexercised Warrants shall lapse and the amount paid by the Warrant allottee will be forfeited.
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 counter declined 0.53% to Rs 113.60 on the BSE.
The new subsidiary has been incorporated with the object of development of solar power project, with a capacity of 10 MW (14 MWp) in Kamalanga, Odisha.