GMR Infra hits 52-week high on increasing divestment in GMR Airports

GMR Infrastructure rose 1.04% to Rs 24.20 after the company said it has decided to now divest 49% stake in GMR Airports, against 44.44% planned earlier.

The stock rose 4.38% to hit the day's high at Rs 25, which is also a 52-week high for the scrip.

In an exchange filing made during market hours today, the infrastructure company has decided to increase the transaction size by agreeing to divest 49% in GMR Airports (previously agreed 44.44%) to TRIL Urban Transport (part of TATA Group), an affiliate of GIC and SSG Capital Management in one or more tranches, such closings being subject to regulatory approvals.

"This is another step in our endeavor to deleverage and demonstrate our commitment towards the same," the company said.

An amended and restated shares subscription and purchase agreement and shareholders agreement has been executed to give effect to the above, it added.

GMR Infrastructure is an infrastructure company with interests in airports, power and roads.

The company reported a consolidated net loss of Rs 458.50 crore in Q2 September 2019 as against a net loss of Rs 218.86 crore in Q2 September 2018.

Powered by Capital Market - Live News