GMR Infrastructure gains 4% on stake sale in Kakinada SEZ

The company has signed definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding of its entire 51 per cent stake in Kakinada SEZ to Aurobindo Realty

Shares of GMR Infrastructure gained 4 per cent to Rs 22 on the BSE on Friday after the company said the GMR Group would divest its entire 51 per cent stake in Kakinada SEZ to reduce debt.

“The company has signed definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding of its entire 51 per cent stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure,” GMR Infrastructure said in exchange filing.

As part of the proposed transfer of stake of KSEZ, the 100 per cent equity stake of