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GMR Infra gains on divestment of Indonesian coal mining entities

Capital Market 

Infrastructure rose 2.11% to Rs 16.95 at 11:17 on after the company announced entering into agreements for divestment of its fully-owned Indonesian coal mining entities to Indonesia's PT

The announcement was made after market hours on Friday, 12 May 2017.

Meanwhile, the S&P Sensex was up 124.02 points, or 0.41% to 30,312.17.

On the BSE, 3.64 lakh shares were traded in the counter so far, compared with average daily volumes of 23.54 lakh shares in the past one quarter. The stock had hit a high of Rs 17.05 and a low of Rs 16.70 so far during the day. The stock hit a 52-week high of Rs 18.60 on 24 April 2017. The stock hit a 52-week low of Rs 10.25 on 9 November 2016.

The stock had outperformed the market over the past one month till 12 May 2017, rising 6.75% compared with 2.47% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.93% as against Sensex's 6.54% rise.

The large-cap company has equity capital of Rs 603.59 crore. Face value per share is Re 1.

Energy Netherlands BV, and Infrastructure Overseas, subsidiaries of Infrastructure, entered into conditional share purchase agreement (CSPA) with PT Golden Energy Mines Tbk, Indonesia for selling 100% equity shareholding. The company will also sell mandatorily convertible bonds (MCB's) in PT Dwikarya Sejati Utama (PT DSO), PT Duta Surana Internusa (PT DSI), PT Unsoco (PT UNS) and PT Barasentosa Lestari (PT BSL). This agreement is subject to the parties securing various statutory approvals.

Infrastructure reported net loss of Rs 381.93 crore in Q3 December 2016 as against net profit of Rs 40.01 crore in Q3 December 2015. Net sales rose 250.45% to Rs 85.58 crore in Q3 December 2016 over Q3 December 2015.

Group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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