GVK Power rooting for IPO listing for its airport segment, to tackle its debts

The IPO proceeds, which is to be estimated around Rs. 3,000- 3,500 crore, may be utilized to trim GVKs debt.

Jun 30, 2015 05:06 IST India Infoline News Service

GVK Power and Infrastructure Ltd is planning  to list its airport subsidiaries through Initial Public Offering (IPO), according to reports.

A report says that the IPO proceeds, which is to be estimated around Rs. 3,000- 3,500 crore, may be utilized to trim GVKs debt.

GVK's infrastructure companies have been in days of despair, such as scarcity of gas to fire power plants, project delays and incapacity to monetize its airport assets..

In March, GVK Power net debt stood at around Rs.20,760 crore.

The worst situation would be when the company had to clear around Rs. 1,400 crore towards interest expenses in fiscal 2015.

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