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GMR Infrastructure surges as its arm wins arbitration against Government of Maldives

28 Oct 2016

GMR Infrastructure is currently trading at Rs. 14.16, up by 0.55 points or 4.04% from its previous closing of Rs. 13.61 on the BSE.

The scrip opened at Rs. 14.40 and has touched a high and low of Rs. 14.40 and Rs. 14.06 respectively. So far 9,73,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 18.60 on 03-Dec-2015 and a 52 week low of Rs. 9.84 on 11-Feb-2016.

Last one week high and low of the scrip stood at Rs. 14.40 and Rs. 13.06 respectively. The current market cap of the company is Rs. 8,577.08 crore.

The promoters holding in the company stood at 61.61%, while Institutions and Non-Institutions held 27.59% and 10.80% respectively.

GMR Infrastructure’s subsidiary - GMR Male International Airport (GMIAL), has been awarded compensation of approximately $270 million by the 3 member international arbitral tribunal. The compensation covers the debt, equity invested in the project along with a return of 17% and also termination payments and legal costs. The compensation is net of taxes that GMIAL may be required to pay in the Maldives.

GMIAL had entered into a Concession Agreement with Government of Maldives (GoM) and Maldives Airport Company (MACL) for modernization and operation of Ibrahim Nasir International Airport (INIA) in 2010.

The Concession Agreement was wrongfully repudiated by the Government of Maldives and Maldives Airport Company on November 29, 2012. After detailed further proceedings, the tribunal has issued its final order whereby it has awarded compensation to GMIAL.

Related GMR Infrastructure Ltd. Links:

GMR Infrastructure Share Price

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323