GVK Power stock up over 3% on stake sale in BIAL

GVK Power & Infrastructure Ltd stock price rose by over 3 per cent today after the company said that it has divested 33 per cent stake in Bangalore International Airport to FIH Mauritius and Fairfax India Holdings for Rs 2,202 crore to bring down its debt.
The stock gained 3.44 per cent to end at Rs 6.02 on BSE. During the day, it went up by 5.84 per cent to Rs 6.16.
On NSE, the stock rose by 3.44 per cent to close at Rs 6.
On the volume front, 14.12 lakh shares of the company were traded on BSE and over 42 lakh shares changed hands at NSE during the day.

The move would help the company to deleverage its balance sheet and to bring down our debt level, the firm said in a statement on Friday.
Post divestment, G V Sanjeev Reddy would continue to be Managing Director of BIAL and GVK Reddy as Co-Chairman of the company, the statement said.