GVK Power and Infra up after NELP announcement

DALAL STREET SPIKES

Shares of GVK power and infrastructure surged 13.28 per cent to close at Rs 14.67 a share on the Bombay Stock Exchange after it bagged seven deep sea blocks out of the 44 blocks that were awarded under the government's new exploration licensing policy.

A total of 1.71 crore shares changed hands at the BSE. Shares touched a high of Rs 15 a share and a low of Rs 13.12 a share. According to reports, GVK Power and Infrastructure plans to raise Rs 240 crore for its power project in Punjab. The company plans to raise a 40 per cent stake to private equity funds.