BANGALORE: GMR Infrastructure has sought shareholders’ approval to raise Rs 5,000 crore through various instruments to fund expansion and capex plans. The company proposes to raise this money through GDRs, ADRs, foreign currency convertible bonds (FCCBs) or placement with qualified institutional investors.

Shareholders of the company would also vote on a resolution to hike the foreign institutional investors (FIIs) limit to 35% from 24%. GMR’s annual general meet will be held on August 27.

GMR Infra has also sought shareholder nod for increasing the borrowing limit to Rs 20,000 crore from Rs 10,000 crore. Shareholders had approved the limit of Rs 10,000 crore in 2007.

“In view of the substantial increase envisaged in the operations of the company and its subsidiaries in infrastructure development and consequent requirement of funds for the same, it is proposed to increase the borrowing limit,” the note to the shareholder said.

Shareholders would also approve of the appointment of Srinivas Bommidala as managing director (MD) with effect from May 24. Mr Bommidala is the son-in-law of the founder GM Rao and oversees highways and urban infrastructure initiatives of the group.