Shares of GMR Infrastructure surged over 10 per cent in early trade on Monday to hit their fresh 52-week high after the Competition Commission of India gave approval for the GMR group's proposed 49 per cent stake sale in the airports business to France's Groupe ADP.
The regulator's clearance is through the green channel which allows for an automatic system for speedy approval of combinations, subject to certain conditions.
At 12:30 pm, the stock was trading 10.38 per cent higher at Rs 25.95.
GMR Infrastructure signed a share purchase agreement last week after which Groupe ADP will hold 49 per cent stake in GMR Airports Ltd for an equity consideration of Rs 10,780 crore, valuing GMR Airports Ltd at the base post-money valuation of Rs 22,000 crore.
This equity consideration comprises Rs 9,780 crore towards a secondary sale of shares by GMR group and Rs 1,000 crore equity infusion in GMR Airports Ltd.
As part of the terms of transaction, GMR will retain management control over the airports business with Groupe ADP having the customary rights and board representation at GMR Airports Ltd and its key subsidiaries.
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