INDIA BUSINESS WORLD - MAY 2006
THE MONTH THAT WAS...

GEORGE SOROS BUYS 1% STAKE IN GMR INFRA

QUANTUM Group of Funds (QGF), which is directly or indirectly controlled by billionaire and high-profile investor George Soros, has picked up around 1% stake in GMR Infrastructure for Rs 70 crore. The deal is part of GMR Infrastructure's pre-IPO private placement.

The GMR group has also appointed JP Morgan Stanley, DSP Merill Lynch, Enam Securities and SSKI as advisors for GMR Infrastrucutre's Rs 1,500-crore IPO. On May 4, ICICI Ventures had picked up around 4% equity in GMR Infrastructure for Rs 250 crore.

George Soros is one of the world's most successful investors and a hedge fund guru. He is credited with the best performance record of any investment fund in the world over its 30-year history.

GMR Infrastructure is the winner of the high-profile Delhi Airport modernisation bid and the developer of the greenfield Hyderabad International Airport as well as a clutch of power and road ventures. The ICICI Venture deal has pegged GMR's Infrastructure's valuation at over Rs 7,500 crore.

Currently, the Bangalorebased corporate is planning to mobilise around Rs 1,500 crore by selling around 15-16% of its equity. Out of the total Rs 1,500 crore, GMR wants to mobilise around Rs 500 crore through the private placement route.

Sources said that GMR would clinch one more private equity deal before going for the IPO, scheduled for early June.

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