GMR Infrastructure is trading higher by 3% at Rs 25 in otherwise subdued market after the company said it has agreed to sell its entire 40% stake in Istanbul Sabiha Gokcen International Airport for Euro 225 million (approx Rs 1,918 crore) to Malaysia Airports Holdings Berhard.
This is the second major divestment of overseas assets by the GMR Group in less than nine months.
Earlier in March 2013, the Group had divested its stakes in GMR Energy (Singapore) Pte. Ltd. The divestment of these two assets is estimated to release around Rs 3,500 crore of capital, simultaneously reducing an estimated Rs 5,000 crore of debt, the company said.
The stock opened at Rs 24.80 and touched a 52-week high of Rs 25.30 on the BSE. A combined 6.51 million shares have changed hands on the counter so far on the BSE and NSE.
This is the second major divestment of overseas assets by the GMR Group in less than nine months.
Earlier in March 2013, the Group had divested its stakes in GMR Energy (Singapore) Pte. Ltd. The divestment of these two assets is estimated to release around Rs 3,500 crore of capital, simultaneously reducing an estimated Rs 5,000 crore of debt, the company said.
The stock opened at Rs 24.80 and touched a 52-week high of Rs 25.30 on the BSE. A combined 6.51 million shares have changed hands on the counter so far on the BSE and NSE.