GMR Infra withdraws $500 mn QIP issue

Mumbai GMR Infrastructure Ltd has decided to withdraw its qualified institutional placement due to "existing market conditions," it said in a statement to the Bombay Stock Exchange.

Earlier in the day, two sources said the infrastructure company cancelled a share sale due to poor investor demand even after slashing the size by four-fifths to $100 million.

The firm had launched a $500 million share sale on Monday amid a flurry of equity offers by Indian firms worth nearly $2 billion.

Shares in GMR Infra extended losses and were down 8.76 at Rs 141.70 in a weak Mumbai market.