GVK Power promoters transfer 1.63 pc stake to group firm

GVK Power and Infrastructure promoters G V Sanjay Reddy and Krishnaram Bhupal have transferred a total of 1.63 per cent stake in the firm to another promoter group entity Vertex Projects LLP.
According to bulk deal data with NSE, Reddy, who is also the vice-chairman of GVK Power, transferred 0.5 per cent stake worth Rs 5.52 crore.
Bhupal transferred 1.13 per cent stake worth Rs 12.28 crore to Vertex.
The promoter group entity acquired 2.58 crore shares at an average price of Rs 6.9 per scrip.
Vertex held 33.02 per cent stake in the company at the end of last year.

GVK Power and Infrastructure Ltd had reported widening of its consolidated net loss to Rs 279.06 crore for the quarter ended December 31, 2015.
The company's net loss in the corresponding quarter of the previous fiscal was Rs 209.12 crore.
Shares of the firm today closed at Rs 6.98 on BSE, up by 1.45 per cent.