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GVK Power zooms with its arms inking pact with ADIA, NIIF

Mumbai : GVK Power & Infrastructure is currently trading at Rs. 7.98, up by 0.66 points or 9.02% from its previous closing of Rs. 7.32 on the BSE. The scrip opened at Rs. 7.74 and has touched a high and low of Rs. 8.05 and Rs. 7.70 respectively. So far 686981 shares were traded on the counter. The BSE group ‘B’ stock of face value Rs. 1 has touched a 52 week high of Rs. 16.20 on 24-Apr-2018 and a 52 week low of Rs. 5.05 on 18-Feb-2019.

Last one week high and low of the scrip stood at Rs. 8.05 and Rs. 7.00 respectively. The current market cap of the company is Rs. 1255.47 crore. The promoters holding in the company stood at 54.25%, while Institutions and Non-Institutions held 5.47% and 40.28% respectively. GVK Power and Infrastructure’s subsidiaries — GVK Airports Developer (GVKADL) and GVK Airport Holdings (GVKAHL) have signed a term sheet and exclusivity agreement with Abu Dhabi Investment Authority (ADIA) and the National Investment and Infrastructure Fund (NIIF) for an investment in new shares in GVKAHL equating to a 49 percent stake.

ADIA and NIIF were selected as the preferred partners by GVK. All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations. GVKPIL 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.