IDFC Alternatives-led Consortium and Temasek Holdings Restructure Their Investment in GMR Energy (Asia)
Source: GMR Group
A consortium of investors led by IDFC Alternatives, the alternative asset management vertical at infrastructure financing company IDFC, and Singaporean investment company Temasek Holdings have agreed to restructure their existing investment in India-based GMR Energy, part of industrial conglomerate GMR Group, by purchasing INR11.4 billion (approximately US$183.2 million) in compulsorily convertible preference shares (CCPS) in India-based GMR Infrastructure, a GMR Group company and parent of GMR Energy. GMR Infrastructure will issue CCPS worth INR7.9 billion (approximately US$127 million) to Temasek and INR3.5 billion (approximately US$56.2 million) to the IDFC-led consortium through a preferential allotment. Temasek and the IDFC-led consortium originally invested INR14 billion (approximately US$299 million) in GMR Energy in 2010. This restructuring comes as GMR Energy plans for an initial public offering.