GMR Infrastructure to raise USD150m for airports unit

India's GMR Infrastructure is looking to raise USD150 million through private equity for its airport arm. No timeline for the deal has been set and there will be no immediate equity dilution due to the investment as it would be in the form of compulsorily convertible structured product that will be convertible when the unit goes public.

Last month, GMR stated Macquarie SBI Infrastructure Investments had invested USD200 million in GMR Airports Holding Ltd. With these private equity investments, GMR's cash position expected to near USD1 billion. Shares in GMR Infrastructure were flat on Tuesday.

Malaysia Airports Holdings reported the following traffic highlights for its airport in Feb-2011:

  • Passenger numbers: 4.7 million, +9.7%;
    • Kuala Lumpur: 2.8 million, +10.5%;
      • Domestic: 818,806, +3.7%;
      • International: 2.0 million, +13.6%;
  • Aircraft movements: 48,043, +9.3%;
  • Air cargo: 60,480 tonnes, -3.2%;

Shares in Malaysia Airports rose 1.8%.

Hochtief shares recovered 4.5% in trading. The company's share price dropped nearly 20% in three days, after the company announced a major downward revision to its profit outlook.

Selected airport & airport operator share price movements (% change): 12-Apr-2011