GMR Infra takes off on prospects of exit from Istanbul airport project

GMR Infrastructure rose 1.47% to Rs 24.20 at 11:38 IST on BSE on reports Malaysia Airport Holding Berhard has offered 225 million euros to acquire GMR's 40% stake in Turkey's Sabiha Gokcen Airport and its operating company LGM Tourism.

Meanwhile, the S&P BSE Sensex was up 26.63 points or 0.13% at 21,127.66.

On BSE, so far 10.25 lakh shares were traded in the counter as against average daily volume of 7.48 lakh shares in the past one quarter.

The stock hit a high of Rs 24.95 and a low of Rs 24.15 so far during the day. The stock had hit a 52-week high of Rs 25 on 17 May 2013. The stock had hit a 52-week low of Rs 10.65 on 6 August 2013.

The stock had outperformed the market over the past one month till 23 December 2013, surging 9.66% compared with the Sensex's 4.37% rise. The scrip had also outperformed the market in past one quarter, jumping 12.87% as against Sensex's 6.03% gain.

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

GMR Infrastructure (GMR) today, 24 December 2013, said that it has received a notice from Malaysia Airport Holding Berhard (MAHB) seeking to exercise its right of first refusal (ROFR) for acquisition of GMR's 40% equity stake in Sabiha Gokcen International Airport (ISGIA) and its operating company LGM Tourism (LGM). GMR said it is evaluating the exercise of ROFR by MAHB and will intimate the stock exchange further developments in this regard.

MAHB holds a 20% stake in ISGIA. Limak Holding, Turkey (LIMAK) is the third consortium partner in ISGIA. The consortium took over operations of the airport on 1 May 2008 and the new international terminal commenced commercial operations on 31 October 2009.

GMR Infrastructure reported a consolidated net loss of Rs 393.05 crore in Q2 September 2013, higher than net loss of Rs 179.30 crore in Q2 September 2012. Net sales rose 1.1% to Rs 2397.21 crore in Q2 September 2013 over Q2 September 2012.

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

Powered by Capital Market - Live News