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GVK Power surges on plan to divest 33% stake in Bangalore International Airport

29 Mar 2016 Evaluate

GVK Power & Infrastructure is currently trading at Rs. 7.16, up by 0.04 points or 0.56% from its previous closing of Rs. 7.12 on the BSE.

The scrip opened at Rs. 7.45 and has touched a high and low of Rs. 7.45 and Rs. 7.12 respectively. So far 802373 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 10.55 on 17-Jul-2015 and a 52 week low of Rs. 6.37 on 29-Feb-2016.

Last one week high and low of the scrip stood at Rs. 7.45 and Rs. 6.65 respectively. The current market cap of the company is Rs. 1129.14 crore.

The promoters holding in the company stood at 54.25% while Institutions and Non-Institutions held 10.17% and 35.58% respectively.

GVK Power & Infrastructure will divest 33% stake in Bangalore International Airport (BIAL) to Fairfax India Holdings Corporation and Fairfax financial Holdings for a consideration of Rs 2,149 crore. The company at its board meeting held on 28th March, 2016 has approved for the same. Upon completion of this transaction, there will be a reduction of debt burden of around Rs 2,000 crore and will also result in saving of interest cost to the extent of Rs 300 crore per annum approximately.

The above sale will be completed upon obtaining necessary consents/approvals as may be required including from the lenders and after following the process in the BIAL shareholders agreement.

GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads.

 

GVK Power & Infra Share Price

2.86 0.05 (1.78%)
17-Apr-2026 16:59 View Price Chart
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