GMR Airports Infra hits multi-year high; gains 4% on heavy volumes

Till 10:44 AM, around 176.89 million equity shares, representing 2.93 per cent of total equity of GMR Airports Infrastructure, had together changed hands on the NSE and BSE

Shares of GMR Airports Infrastructure hit a multi-year high of Rs 87.55, gaining 4 per cent on the BSE in Monday's intraday trade, after nearly 3 per cent of total equity of the company changed hands on the NSE and BSE. The stock had hit a record high of Rs 132.35 on December 6, 2007.

Till 10:44 AM, around 176.89 million equity shares, representing 2.93 per cent of total equity of GMR Airports Infrastructure, had together changed hands on the NSE (136.75 million shares) and BSE (40.14 million shares) via multiple block deals. The names of the buyers, however, could not be ascertained immediately.

Last month, on December 8, 2023, four entities had pared 11.7 per cent stake in GMR Airports Infrastructure for Rs 4,136 crore through open market transactions.

According to bulk deal data available with the BSE, A/D Investors Fund LP, ASN Investments Ltd, Varanium India Opportunity Fund, and Deccan Value Investors Fund LP had offloaded more than 709.9 million shares, amounting to 11.75 per cent stake, in GMR Airports Infrastructure at an average price of Rs 58.27 per share.

On the flipside, Rajiv Jain-backed GQG Partners bought 282.8 million shares, amounting to a 4.7 per cent stake in GMR Airports Infrastructure.  Also, Nomura India, and Amsterdam-based APG Asset Management purchased a total of 96.5 million shares of the company.

GMR Airports is the largest private airport operator in Asia, and the second largest in the world with a passenger handling capacity of over 189 million annually.

GMR Airports Infrastructure, on December 21, said the National Investment and Infrastructure Fund (NIIF) will invest Rs 675 crore in GMR Visakhapatnam International Airport Limited (GVIAL), a special purpose vehicle, to develop and operate the Bhogapuram International Airport (BIA) in Andhra Pradesh.

The deal involves NIIF, a large investment platform anchored by the Government of India, making primary investments in the form of Compulsorily Convertible Debentures (CCDs) which will be issued by GVIAL.

This is part of the financial partnership announced in December 2022 in which NIIF would invest in the equity capital of three airport projects of the GMR group, the company said.