Sanjay Reddy transfers Rs 57 cr worth shares in GVK Power

GVK Power & Infrastructure's promoter G V Sanjay Reddy has transferred shares worth over Rs 57 crore to another promoter group entity Vertex Projects LLP.
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.

Shares of the company rose marginally to close at Rs 7.20 on BSE today.
A diversified group, GVK has interests in energy, resources, airports, transportation, hospitality and life sciences among others.