GMR Infra drops after withdrawing plan to list unit

GMR Infrastructure lost 3.42% to Rs 25.45 at 10:40 IST on BSE after the company said that its subsidiary has withdrawn its draft prospectus for the initial public offering due to various business reasons.

Meanwhile, the S&P BSE Sensex was down 108.29 points or 0.48% at 22,523.32

On BSE, so far 6.19 lakh shares were traded in the counter as against average daily volume of 5.40 lakh shares in the past one quarter.

The stock hit a high of Rs 26.25 and a low of Rs 25.20 so far during the day. The stock had hit a 52-week high of Rs 26.85 on Monday, 28 April 2014. The stock had hit a 52-week low of Rs 10.65 on 6 August 2013.

The large-cap company has equity capital of Rs 389.24 crore. Face value per share is Re 1.

The stock had outperformed the market over the past one month till 28 April 2014, surging 21.71% compared with the Sensex's 1.31% rise. The scrip had also outperformed the market in past one quarter, jumping 26.08% as against Sensex's 9.42% rise.

GMR Infrastructure after market hours on Monday, 28 April 2014 said that one of the company's subsidiaries GMR Energy along with the selling shareholders have withdrawn the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi) on Monday, 28 April 2014 due to various business reasons.

GMR Infrastructure had on 28 March 2014 intimated that GMR Energy had filed a DRHP dated 28 March 2014 with Sebi.

GMR Infrastructure reported a consolidated net loss of Rs 441.09 crore in Q3 December 2013, higher than net loss of Rs 217.45 crore in Q3 December 2012. Net sales rose 11.4% to Rs 2625.04 crore in Q3 December 2013 over Q3 December 2012.

GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors.

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