GMR Energy raises Rs.1,600-Cr from Allianz Global, others

New Delhi-based GMR Energy has raised INR 1,600 crore through high-yield, five-year non-convertible debt at 14.58% from investors such as Allianz Global, Trust and DSP Finance.The fresh capital will be used by the company to partly repay existing loans and extend intra-group lending. GMR Group is also set to increase its stake in GMR Energy, making it a wholly owned subsidiary, after acquiring stakes from Tenaga Nasional and Temasek.GMR Energy is a part of infrastructure conglomerate GMR Group with an operating capacity of over 1684 MW and works on a fuel mix of coal, wind and solar energy. Besides this, plants of over 1775 MW generation capacity are under various stages of development in India and Nepal.