The GMR Power Board authorizes a preferred issuance to raise ₹1,200 crore.

GMR Power and Urban Infra Ltd on Wednesday (December 17) said its board has approved a proposal to raise up to ₹1,200 crore through the issuance of equity shares and convertible warrants on a preferential basis, subject to shareholder and regulatory approvals. As per the exchange filing, the company plans to issue up to 6.61 crore equity shares of face value ₹5 each at an issue price of ₹120.88 per share, including a premium of ₹115.88, aggregating up to ₹800 crore. These shares will be allotted to non-promoter investors.