Even as investors and analysts remain skeptical about the GM Rao-owned GMR Infra, the promoters have been buying the shares from the open market. Over the past two months, promoter group company GMR Business Consultancy LLP bought a significant amount of shares, thus raising its stake from 0.0023%, or 1 lakh shares, to 0.684%, or 3.11 crore shares.

GMR Infra is going through a lean patch because of high debt and moderate cash flows from its existing business, particularly the airport and power businesses. The power business suffered due to lack of fuel availability, especially for its gas-based capacities. In Q2FY15, the company posted a loss of ₹610 crore as the power business struggled. GMR Holdings, the holding company of GMR Infra, is now planning to issue non-convertible debentures worth ₹300 crore through a private placement. It proposes pledging the equity shares of GMR Infra to secure the debentures. Given that the promoters have already pledged close to 60% of their stake, it seems they are shoring up their holdings for a rainy day.