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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%