 "GMR Airports hits 12-year high; GQG Partners likely buyer in block deal")
Shares of GMR Airports Infrastructure zoomed 14 per cent on Friday to hit the highest level in over 12 years. The stock touched Rs 70.22 on the BSE after over 10 per cent equity of the company changed hands on the exchange.
The stock surpassed its previous high of Rs 66.75 touched on August 25. It was trading at its highest level since January 2010, when it hit Rs 70.60 mark.
According to CNBC TV18, the key investor in Adani Group companies, GQG Partners is a likely buyer in today's block deal that has taken place in the shares of GMR Airports.
At 09:15 AM; around 730.59 million equity shares representing 12 per cent of total equity of GMR Airports changed hands on the BSE, the exchange data shows.
Till 02:30 PM; as many as a combined 1,137.87 million shares or 18.85 per cent of total equity of the company changed hands on the BSE and NSE. The names of the buyers and sellers are not ascertained immediately.
GMR Airports is the largest private airport operator in Asia and 2nd largest in the world with a passenger handling capacity of over 189 million annually.
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GMR Airports, a subsidiary of GMR Airports Infrastructure (formerly known as GMR Infrastructure) has Groupe ADP as its strategic partner, which is holding a 49 per cent stake.
GMR Airports operates the Delhi Airport, which is the largest and fastest-growing airport in India. It also runs Hyderabad Airport, and operates Manohar International Airport, Goa (Mopa).
Expanding its overseas footprint, the company is developing and operating Kualanamu International Airport in Medan, Indonesia, in collaboration with Angkasa Pura II (AP II).
According to Business Standard report, GMR Group is planning to raise Rs 3,200 crore in term loans for developing Visakhapatnam International Airport, Andhra Pradesh.
The project cost has been estimated at over Rs 4,700 crore and the term loan conditions envisage a construction period of three years, a one-year moratorium, and a repayment tenor of 14 years. Besides the debt component, equity contribution from promoters for the project has been pegged at about Rs 1,370 crore, the newspaper had reported. CLICK HERE FOR FULL REPORT