GMR Infrastructure ltd — a GMR Group subsidiary has planned to raise about Rs 2,000 crore through foreign currency convertible bonds (FCCBs) which will be issued as 60-year-old perpetual bonds.
Kuwait Investment Authority agreed to subscribe to a 60 year FCCB. The Kuwait Investment Authority is one of the largest and oldest sovereign wealth fund of the world, a company press release stated.
Notably, GMR Chhattisgarh Energy ltd (GCEl) also part of GMR Group is setting up 1,370 MW (2X685 MW) super critical coal-based power plant located in Raikheda, Tilda block of Raipur district in Chhattisgarh. The first 685 MW unit of GCEl’s 1370 MW supercritical coal-based thermal power plant successfully achieved synchronisation with the grid on October 2, 2014.