GVK Power concludes sale of residual stake in BIAL for Rs 1,290 crore

14 Jul 2017 Evaluate

GVK Power and Infrastructure has successfully completed the sale of its residual stake of 10% in Bangalore International Airport (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1,290 crore (approximately $200 million).

In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10% residual stake to Fairfax India, subject to necessary consents and approvals.

GVK Power and Infrastructure is an infrastructure development company. It engages in infrastructure and urban infrastructure projects. The company provides operation and maintenance services, manpower and consultancy services, and incidental services to owners of power plants, airports and infrastructure companies.



GVK Power & Infra Share Price

5.10 0.00 (0.00%)
31-Oct-2024 16:01 View Price Chart
Peers
Company Name CMP
NTPC 408.10
Tata Power 440.05
Power Grid Corp 321.20
Adani Power 592.85
Torrent Power 1820.25
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.