GMR reveals renewed plans to list energy business

And it's looking to raise equity too.

According to Maybank Kim Eng, GMR Ltd (GMR) confirmed that it is renewing plans to list its energy business. Incidentally, it had cancelled listing of GMR Energy two months ago due to unfavourable market conditions. 

Here's more from Maybank Kim Eng:

Moreover, it is now looking to raise equity through qualified institutional placement (QIP) in the parent GMR Infrastructure worth US$250m.

GMR has debt of INR335b and to pare this debt, it sold a few road and power projects and a partial stake in the airports business. Reportedly, GMR will be conducting road shows in Hong Kong, Singapore and its placement will be led by Merrill Lynch, ICICI Securities, and Axis Capital.