GMR, through its various units, is building expressways in different parts of the country and developing the Delhi and Hyderabad international airports. The company said in the offer document it would use part of the funds to repay bank loans worth 550 million rupees.
GMR's net profit for the nine months to December 2005 stood at 549.69 million rupees and sales reached 713 million rupees. After the issue, the founders' shareholding in the company would come down to 80 percent of the paid-up capital of 3.31 billion rupees.
