GMR Infra gains 6% in early trade

GMR Infrastructure today rose over six per cent in the early trade on BSE, buoyed by the company decision to offload debt by selling its 50 per cent stake in power generation firm InterGen to China Huaneng Group for $1,232 million.

Cheerful investors helped the share of the company rise by 6.17 per cent to an early high of Rs 46.40 on the Bombay Stock Exchange.

Similarly, GMR Infra shares witnessed a gain of 6.62 per cent at Rs 46.70 in the morning session on the National Stock Exchange.

Meanwhile, the 30-share benchmark Sensex was trading firm at 19,303.95, up by 167.34 points from the previous close.

The Bangalore-based GMR Group has entered into an agreement to divest its 50 per cent shareholding interest in Massachusetts-based InterGen N V to China's largest power generation company China Huaneng Group for $1,232 million.

GMR in 2008 had acquired from AIG 50 per cent stake in InterGen NV, which has operations in the UK, the Netherlands, Mexico, Philippines and Australia, for $1,135 million.