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GMR Infra spurts on completing stake sale in Singapore arm to Petronas

29 Dec 2011 Evaluate

GMR Infrastructure is currently trading at Rs. 20.35, up by 0.45 points or 2.26% from its previous closing of Rs. 19.90 on the BSE.

The scrip opened at Rs. 20.00 and has touched a high and low of Rs. 20.00 and Rs. 19.35 respectively. So far 501819 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 47.60 on 05-Jan-2011 and a 52 week low of Rs. 17.70 on 13-Dec-2011.

Last one week high and low of the scrip stood at Rs. 20.80 and Rs. 19.25 respectively. The current market cap of the company is Rs. 7629.17 crore.

The promoters holding in the company stood at 71.42% while Institutions and Non-Institutions held 20.29% and 8.30% respectively. 

GMR Infrastructure has completed sale of 30 percent stake in its Singapore-based subsidiary GMR Energy to Malaysian oil and gas major -- Petronas Power -- a subsidiary of Petronas International Corporation for about SG $50 million.

Earlier on September 26, 2011, GMR Infra had entered into agreements for the stake sale, but had not disclosed the financial terms.

Petronas Power has also paid about SG $19 million equivalent towards the 30 percent shareholder loan contributed by GMR Infrastructure.

Besides this, the Malaysian oil and gas major would also be contributing to future equity requirements of the project prorated to its 30 percent stake. In addition, Petronas International has become a joint sponsor of the project. 

GMR Energy is developing an 800 megawatt, gas-based power project on Jurong Island, Singapore, which will be set up by a consortium comprising Siemens and Samsung.

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