GVK Power To Invest Rs 4500 Crore To Modernise Bangalore Airport (09-Mar-2010)
GVK Power and Infrastructure Ltd (GVKPIL), Hyderabad-based infrastructure company, which owns a 29% stake in Bangalore International Airport Ltd, or Bial, will make an investment in the range of Rs4,000-4,500 crore in order to modernize and expand the facility, according to chairman and managing director G.V. Krishna Reddy.
It also plans to buy Siemens Project Ventures GmbH''s 40% stake in Bial.
"We would want to acquire the Siemens stake. But there are some restrictions. We will take over Siemens'' stake at an appropriate time," said Reddy.
GVK plans to enter into an understanding with Siemens on buying the stake at a future date at a predetermined price.
Meanwhile, GVKPIL last month has said that it has managed to arrange funding for its 540 mw coal based power plant in Punjab.
In order to finance the Rs 3,200-crore project named Goindwal Sahib, the company has raised Rs 2,400 crore in debt.
The GVK group is chipping in with Rs 800 crore as its equity contribution.
The project cost is Rs. 3,200 Crores which is financed by means of equity of Rs. 800 Crores and debt of Rs. 2,400 Crores. IDBI Bank Ltd. has syndicated the debt apart from being one of the Lenders in the Consortium of Bankers, the company said.
The project is expected to be completed in a time frame of 36 months.
GVKPIL today closed at Rs.43.7, down by 3.10%.
The stock hit an intraday high of Rs.45.5 till now, as against the 52-week high of Rs.53.75.The stock hit a low of Rs.43.6 during the day. The stock had hit a 52-week low of Rs.17.6 on March 9, 2009.
The stock opens at Rs.45.25 at BSE. The total traded volume of the scrip on BSE till now stood at 827079.
Meanwhile today, the BSE Sensex closed lower by -50.06 points, or -0.29% , at 17052.54.
The NSE Nifty closed down by -22.50 points, or -0.44% , at 5101.5.
GVKPIL has an equity capital of Rs 157.92 crore as of 2009 Dec. The face value per share is Rs 1. At the current price of Rs 43.7, the P/E multiple stood at 328.066215199398 with book Value of 11.12 and P/BV at 3.93.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 54.25%, Institutional Investors- 36.38%, General Public- 5.03% and other investors- 4.35%.
Considering the current price of Rs. 43.7 at 4:02:00 PM , the stock had underperformed the market over the past one month till 09/03/2010 fell -0.79% as compared to the Sensex''s return of 7.01% and NSE Nifty''s 7.01 % returns.
Considering the current price of Rs. 43.7 at 4:02:00 PM , the stock had underperformed the market over the past one quarter till 09/03/2010 declined -11.98% as compared to the Sensex''s return of -0.8% and NSE Nifty''s -0.8 % returns.
GVK Power & Infrastructure Ltd has posted a net profit of Rs 65.80 million for the quarter ended December 31, 2009 as compared to Rs 33.00 million for the quarter ended December 31, 2008. Total Income has increased from Rs 82.50 million for the quarter ended December 31, 2008 to Rs 167.10 million for the quarter ended December 31, 2009.
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