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GMR Infrastructure soars on signing agreement with Adani Power

GMR Infrastructure is currently trading at Rs. 15.59, up by 0.45 points or 2.97% from its previous closing of Rs. 15.14 on the BSE.

The scrip opened at Rs. 15.85 and has touched a high and low of Rs. 15.90 and Rs. 15.49 respectively. So far 170680 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 21.50 on 03-Sep-2018 and a 52 week low of Rs. 13.45 on 05-Feb-2019.

Last one week high and low of the scrip stood at Rs. 15.90 and Rs. 14.77 respectively. The current market cap of the company is Rs. 9138.42 crore.

The promoters holding in the company stood at 63.22%, while Institutions and Non-Institutions held 24.80% and 11.99% respectively.

GMR Infrastructure has signed definitive Share Purchase Agreement with Adani Power (APL) for the sale of the entire stake 47.62% in GMR Chhattisgarh Energy (GCEL), held by its wholly owned subsidiary GMR Generation Assets (GGAL).

The Consortium Lenders of GCEL adopted the ‘Change in Management’ as a Resolution Plan (RP) in accordance with the Guidelines issued by Reserve Bank of India. The lenders followed a detailed bidding process and selected APL as the final bidder. GCEL has received 100% approvals of all Lenders for implementation of the RP.

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.

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