GVK Power and Infrastructure is trading higher by 6% at Rs 17.95 after the company said it will participate as an investor for the acquisition of major coal resource and infrastructure development project in Galilee Basin, Queensland, Australia.
“GVK agreed to pay $1.26 billion to buy a 79% stake in Alpha Coal Project and Alpha West Coal Project from Gina Rinehart’s Hancock Prospecting Pty," the company said in a filing to the stock exchanges.
Meanwhile, GV Krishna Reddy, the promoter of GVK Group, plans to raise $1 billion (approx Rs 4,700 crore) selling a stake in its energy unit, GVK Coal Developers (Singapore) Pte to help fund the acquisition of coal assets, the media report suggests.
The stock hit a high of Rs 18.20 after opening at Rs 17.05 on the Bombay Stock Exchange (BSE). More than two million shares have changed hands on the counter in opening deals.
