GVK Power and Infrastructure has moved higher by 7.5% at Rs 18.70 on reports that the company is planning to sell part of its stake in Hancock coal mines in Australia in order to raise funds for the development of the thermal coal assets.
“The Hyderabad-based GVK group has been approached by various investors for a potential stake in Hancock, that hold coal reserves of 7.9 billion tonnes," the report suggests quoting GVK's Vice Chairman GV Sanjay Reddy.
As many as a combined 16.09 million shares have changed hands on the counter so far, against an average sub 15 million shares that were traded daily in past ten trading days on the NSE and BSE.
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