GVK POWER & Infrastructure

As the entity now awaits a new buyer under the insolvency process, concerns arise about what remains of the group and the listed entity

The three airports are part of the six airports won by the Adani group under a competitive bidding process

The company proposes to utilise the proceeds for the repayment of the balance outstanding obligations of GVK Airport Developers

The stock locked in upper circuit for the second straight day, up 5% at Rs 22.15 on BSE

On July 21, Equity Intelligence bought 18.8 million shares at Rs 9.61 per share on NSE.

GVK Power & Infrastructure today exited the Bengaluru airport by selling its residual 10 per cent stake to Canadian NRI businessman Prem Watsa's Fairfax India Holdings Corporation for Rs 1,290 crore. Now Watsa owns 48 per cent in the third busiest airport in the country and GVK, which built the greenfield project, exits the airport. The remaining stake is held by Siemens Project Ventures with 26 per cent and the Airport Authority and Karnataka State Industrial and Infrastructure Development Corporation hold 13 per cent each. On March 24, 2017, the billionaire businessman increased his stake in the airport by 5 per cent by picking it up from Flughafen Zurich AG, taking his total holding to 38 percent. In March this year, GVK had closed an agreement signed in March 2016 with Fairfax India to sell a 33 per cent stake in the Kempegowda International Airport for Rs 2,202 crore, but retained a 10 per cent stake and management control. Subsequently, in June this year, GVK announced

Sale proceeds will help reduce the company's debt levels