GMR Infrastructure announced that the management committee of the board of directors has approved the allotment of 18,00,00,000 number of warrants.

It has an option to apply for and be allotted equivalent number of equity shares of face value of Re 1 each of an aggregate nominal amount of Rs. 18,00,00,000 to GMR Infra Ventures (forming part of promoter group) at an issue price of Rs 31.50 a equity share  as determined in terms of Regulation 76 of the SEBI Regulations, 2009.

The company has received Rs 1.41 billion from GMR Infra Ventures, being 25% of the consideration amount for allotment of the said warrants and the balance amount will be received upon exercising the right to subscribe equity shares against the said warrants within 18 months from the date of allotment i.e. on or before Feb. 25, 2016.

Shares of the company gained Rs 0.05, or 0.2%, to trade at Rs 25.15. The total volume of shares traded was 422,639 at the BSE (11.48 a.m., Wednesday).