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GMR Infra gains as Singapore High Court grants interim relief to GMIAL

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The company made the announcement during trading hours today, 3 December 2012.

Meanwhile, the Sensex was down 62.55 points or 0.32% at 19,277.35.

The stock rose on high volumes. On BSE, 28.56 lakh shares were traded in the counter as against average daily volume of 12.70 lakh shares in the past one quarter.

The stock hit a low of Rs 19.70 and a low of Rs 18.55 so far during the day. The stock had hit a record low of Rs 16.75 on 29 November 2012. The stock had hit a 52-week high of Rs 34.40 on 17 February 2012.

The stock had underperformed the market over the past one month till 30 November 2012, declining 7.21% compared with the Sensex's 4.93% rise. The scrip had also underperformed the market in past one quarter, sliding 2.61% as against Sensex's 10.25% surge.

The mid-cap company has equity capital of Rs 389.24 crore. Face value per share is Re 1.

GMR Male' International Airport (GMIAL) said that the High Court of Singapore today, 3 December 2012, granted injunctive relief against the applicability and operations of letter dated 27 November 2012 issued by the Ministry of Finance & Treasury, Government of Maldives. The High Court upon hearing both the parties was pleased to grant this stay in favor of GMIAL (consortium of GMR-MAHB), GMIAL said in a statement. Both MACL and MoFT, pursuant to the notice issued on 27 November 2012 either directly or indirectly, are not allowed to interfere with the rights of the Investor (GMR-MAHB consortium) under the concession agreement, GMIAL said.

With this, GMIAL will continue to operate the Ibrahim Nasir International Airport as usual as per the provisions of the Concession Agreement. It may be recalled that GMIAL, a consortium of GMR- MAHB (Malaysian Airports) won the bid to operate and modernize Ibrahim Nasir International Airport post a successfully run International competitive bidding conducted by IFC, an arm of the World Bank in a most transparent and open manner. The GMR-MAHB consortium had emerged successful amongst the shortlisted six parties in the Male' Airport privatization global bid process managed by IFC, an arm of World Bank.

GMIAL is joint venture between GMR Infrastructure and Malaysia Airports Holding Berhad (MAHB), with GMR Infrastructure holding the majority 77% stake. MAHB holds the remaining 23% stake in the joint venture. In 2010, GMIAL won the right to build and operate the Ibrahim Nasir International Airport (INIA) for 25 years, which is extendable by another 10 years. Situated on Hulhule Island in the Maldives at the South western tip of India, INIA is one of the fastest growing airports in the region.

GMR Infrastructure on Friday, 30 November 2012, said that its subsidiary GMR OSE Hungund Hospet Highways which is executing the 4 laning road project of Hungund-Hospet section of National Highway (NH)-13 on toll basis under National Highways Development Project (NHDP) Phase III in Karnataka, has commenced partial toll collection based on partial completion of the project ahead of schedule. Toll collection has started at two out of three toll plazas of the project, said.

GMR Infrastructure reported consolidated net loss of Rs 179.30 crore in Q2 September 2012, higher than net loss of Rs 62.53 crore in Q2 September 2011. Net sales rose 19.7% to Rs 2371.89 crore in Q2 September 2012 over Q2 September 2011.

Bangalore-headquartered GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors. It has successfully employed the public-private-partnership model to build a portfolio of high quality assets.

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