GMR Infra shares up over 2% on stake sale report

Shares of GMR Infrastructure today rose by over 2 per cent on the Bombay Stock Exchange amid reports that the company is in advanced talks to sell a stake in power utility InterGen.

The scrip gained 2.31 per cent to hit a month's high of Rs 64 on BSE. Shares of GMR Infrastructure, later, were quoting at Rs 63.35, up 1.28 per cent over the previous close.

The stock rose by 1.36 per cent to Rs 63.40 on the National Stock Exchange.

According to media reports, the company is in advanced talks to sell a 50 per cent stake in the US-based InterGen NV to China's Huaneng Group, for about $1.2 billion.

The state-owned Chinese company may pay GMR Infrastructure as much as $1.4 billion, including payments for taking over some non-operating assets, the report added.

GMR Infrastructure had bought 50 per cent of the Massachusetts-based power utility InterGen in 2008 for $1.1 billion from a fund owned by American International Group Inc, the report added.