GMR Infra shares soar nearly 8 pc on stake sale in airport biz

Shares of GMR Infrastructure on Monday surged nearly 8 per cent after the CCI gave approval for GMR Group's proposed 49 per cent stake sale in its airport business to France's Groupe ADP.

The stock hit its 52-week high of Rs 26.55, up 12.5 per cent, on the BSE. Later, it shed some gains to settle 7.84 per cent higher at Rs 25.45.

On the NSE, the scrip closed at Rs 25.30, up 6.98 per cent.

In terms of volume, more than 7.5 crore shares were traded on the NSE, while 40.66 lakh units were exchanged on the BSE.

The spurt in volume was more than 7.70 times during the day on the BSE.

The Competition Commission of India (CCI) on Friday gave approval for GMR Group's proposed 49 per cent stake sale in its airport business to France's Groupe ADP.

The regulator's clearance is through the green channel, which allows for an automatic system for speedy approval of combinations, subject to certain conditions.

On Thursday, GMR Infrastructure had said the French group would acquire 49 per cent stake in its airport business for Rs 10,780 crore, a deal that will help the domestic entity reduce its debt burden.