GMR Infrastructure said on Wednesday it is launching a share sale to institutional investors as the group looks to capitalise on the rally in the equity markets to raise cash and pay down its debts. The company said it had set a floor price of ₹33.14 a share for the issue and could offer shares at up to a 5 per cent discount. Shares in GMR, which builds roads, operates airports and runs power plants, closed at ₹33.75 on Wednesday.

Wage hike may keep SAIL in focus

Shares of Steel Authority of India will remain in focus as it starts clearing arrears of its 92,000 employees after an agreement on a wage hike was formalised on Tuesday. The steel major has already made the provision for paying out majority of the arrears and the immediate outgo will be ₹2,300 crore. SAIL is expected to bear an additional expense of ₹1,000 crore annually. In fiscal 2013-14, SAIL’s wage bill was 20 per cent of its total income.

NCC seeks SEBI nod for rights issue

Shares of infrastructure firm NCC Ltd will remain in focus as the company has sought SEBI approval to raise up to ₹600 crore through a rights issue. The Hyderabad-based firm plans to use the issue proceeds towards repayment/pre-payment of certain loans availed by it and for general corporate purposes. In April, the company’s board had given the green signal to the rights issue. Since then, the NCC scrip has risen almost 90 per cent.

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