The efficient creation of examination timetables is a recurring and important problem for universities worldwide. Good timetables typically are characterized by balanced distances between consecutive exams for all students. In this contribution an approach for the examination timetabling problem as defined in the second International Timetabling Competition (http://www.cs.qub.ac.uk/itc2007/) is presented. The solution approach is managed on the top level by GRASP (Greedy Randomized Adaptive Search Procedure) and it involves several optimization algorithms, heuristics and metaheuristics. A construction phase is executed first producing a relatively high quality feasible solution and an improvement phase follows that further ameliorates the produced timetable. Each phase consists of stages that are consumed in a circular fashion. The procedure produces feasible solutions for each dataset provided under the runtime limit imposed by the rules of the ITC07 competition. Results are presented and analyzed.