 "GVK Power surges as airport unit plans $250 million IPO")
Shares of GVK Power and Infrastructure were locked in upper circuit of 20% at Rs 9.70 on the National Stock Exchange (NSE) in early morning trade on reports that the company is likely to file a draft prospectus for an up to $250 million (approx Rs 1,565 crore) initial public offer (IPO) of its airport unit soon.
GVK has mandated Citigroup, Bank of America-Merrill Lynch, Axis Capital and JM Financial Services to manage the IPO, the Reuters report suggests. CLICK HERE TO READ THE FULL REPORT
The stock opened at Rs 8.55 and touched a low of Rs 8.50 on the NSE so far. Till 0930 hours, a combined 5.97 million shares changed hands and there are pending buy orders for 1.53 million shares on the NSE and BSE.
At 1136 hours, the stock was up 18.5% at Rs 9.60 on the NSE.
GVK has mandated Citigroup, Bank of America-Merrill Lynch, Axis Capital and JM Financial Services to manage the IPO, the Reuters report suggests. CLICK HERE TO READ THE FULL REPORT
The stock opened at Rs 8.55 and touched a low of Rs 8.50 on the NSE so far. Till 0930 hours, a combined 5.97 million shares changed hands and there are pending buy orders for 1.53 million shares on the NSE and BSE.
At 1136 hours, the stock was up 18.5% at Rs 9.60 on the NSE.