Mumbai, Sep 16 (IANS): GMR Infrastructure Tuesday said in a stock exchange filing that it has obtained board approval to raise up to Rs.1500 crore ($246 million) through a rights issue to existing shareholders, as part of its efforts to cut high-cost debt.

GMR Infra had a consolidated debt of Rs.39,187.45 crore on March 31, and post this rights issue will have a networth of Rs.14,000 crore.

In July, the company raised Rs.1,478 crore through an issue of 4.68 million equity shares to qualified institutional investors (QIPs). The promoters simultaneously subscribed to 18 crore warrants worth around Rs.600 crore ($100 million).

The rights issue is likely to be concluded by November, according to company sources.

The sources also said that prior to the rights issue, US private equity firm KKR has agreed to provide about $175 million in financing to GMR Infra in a debt and equity agreement.

GMR Infra stock closed Tuesday at Rs.22.30 a share, 2.55 points, or 10.26 percent, lower than its previous close on the Bombay stock Exchange (BSE).