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17-Jul2017

GVK Power trades jubilantly on concluding sale of residual stake in BIAL for Rs 1,290 crore

GVK Power & Infrastructure is currently trading at Rs. 8.04, up by 0.48 points or 6.35% from its previous closing of Rs. 7.56 on the BSE.

The scrip opened at Rs. 7.70 and has touched a high and low of Rs. 8.15 and Rs. 7.59 respectively. So far 2137887 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 9.22 on 03-Jul-2017 and a 52 week low of Rs. 5.05 on 25-May-2017.

Last one week high and low of the scrip stood at Rs. 8.38 and Rs. 7.25 respectively. The current market cap of the company is Rs. 1264.95 crore.

The promoters holding in the company stood at 54.25%, while institutions and non-institutions held 7.65% and 38.10% respectively.

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.


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