Reddy, who is also the company's Vice Chairman, has transferred eight crore shares, amounting to 5.06 per cent stake.
These shares have been transferred at a price of Rs 7.15 apiece, valuing the transaction at over Rs 57 crore.
In a filing to the BSE, the company said the transaction is an "inter se tranfer of shares amongst promoters/group".
After the purchase, Vertex Projects' stake would increase to 24.47 per cent while that of Reddy would come down to 4.71 per cent.
A diversified group, GVK has interests in energy, resources, airports, transportation, hospitality and life sciences among others.
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