Mumbai: GMR Infrastructure Ltd has sought market regulator Sebi’s clearance to raise up to Rs 1,500 crore through a rights issue.

The company would issue equity shares for an aggregate amount “not exceeding Rs 1,500 crore on a rights basis” to its shareholders, a draft letter filed by the firm with Securities and Exchange Board of India (Sebi) showed. In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.

The funds raised from the issue would be utilised towards repayment of certain borrowings availed by GMR Infrastructure, investment in its subsidiary — GMR Energy Ltd — as well as for general corporate purposes, the company said in the draft offer letter.

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