The stock pared all its gains and ended flat at Rs 47.30. The counter clocked volumes of 1.99 million shares as compred to the two-week daily average traded volumes of 3.66 million shares on the BSE.
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(Updated at 1025hrs)
GVK Power & Infrastructure has added in early trades on acquiring stake in BIAL.
The stock opened at Rs 48.25 and gained 2.6% to a high of Rs 48.50. It is now trading near its high at Rs 48.05 - up 1.7%. Around 428,912 shares have been traded on the BSE so far.
The company has acquired 12% in Bangalore International Airport (BIAL) for Rs 485 crore from Flughafen Zurich AG through GVK Airport Developers Pvt Ltd (GVKADPL), a wholly-owned subsidiary of GVKPIL.
GVKPIL CFO Issac George said the company raised Rs 720 crore in June in qualified institutional placements and would divert Rs 485 crore for the Bangalore International Airport. It is investing the remaining amount downstream, particularly in power plants.
