GMR Infrastructure is trading higher by 4% at Rs 24.70 in early morning deals on reports that the company is planning to sell its entire 40% stake in Istanbul’s Sabiha Gökçen International Airport (ISGIA) for Euro 225 million (Rs 1,900 crore) to Malaysia Airport Holdings Berhad (MAHB).
The company has received from received a notice from MAHB, one of the shareholders of ISGIA and LGM Tourism, seeking to exercise its right of first refusal, for acquisition of 40% equity stake in ISGIA and LGM, GMR Infrastructure said in a BSE filing.
According to senior officials of GMR Infrastructure, as much as Rs 1,500 crore from the proceeds of divesting the airport would be used to address the debt issue, the Business Standard report suggests.
The stock opened at Rs 24.65 and touched high of Rs 24.95 so far. A combined around 3 million shares have changed hands on the counter on the BSE and NSE.
The company has received from received a notice from MAHB, one of the shareholders of ISGIA and LGM Tourism, seeking to exercise its right of first refusal, for acquisition of 40% equity stake in ISGIA and LGM, GMR Infrastructure said in a BSE filing.
According to senior officials of GMR Infrastructure, as much as Rs 1,500 crore from the proceeds of divesting the airport would be used to address the debt issue, the Business Standard report suggests.
The stock opened at Rs 24.65 and touched high of Rs 24.95 so far. A combined around 3 million shares have changed hands on the counter on the BSE and NSE.
