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GMR Infrastructure shines on signing agreements to divest Group’s entire stake in Kakinada SEZ

25 Sep 2020 Evaluate

GMR Infrastructure is currently trading at Rs. 22.10, up by 0.90 points or 4.25% from its previous closing of Rs. 21.20 on the BSE.

The scrip opened at Rs. 21.90 and has touched a high and low of Rs. 22.15 and Rs. 21.50 respectively. So far 879061 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 28.25 on 28-Aug-2020 and a 52 week low of Rs. 14.10 on 13-Mar-2020.

Last one week high and low of the scrip stood at Rs. 24.50 and Rs. 20.70 respectively. The current market cap of the company is Rs. 13188.54 crore.

The promoters holding in the company stood at 65.52%, while Institutions and Non-Institutions held 24.64% and 9.85% respectively.

GMR Infrastructure has signed definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding (GSPHL) of its entire 51% stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure (ARIPL). As part of the proposed transfer of stake of KSEZ, the 100% equity stake of Kakinada Gateway Port (KGPL) held by KSEZ would also be transferred to Aurobindo Realty.

Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs 2610 crore. Out of the total consideration, Rs 1600 crore would be received on the closing date and balance 1010 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones.

GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.

GMR Airports Share Price

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