The infrastructure developer's consolidated net loss stood at Rs 833.87 crore in Q1 June 2020, higher than net loss of Rs 336.12 crore in Q1 June 2019.
Consolidated net sales slumped 43.7% to Rs 1,006.43 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss stood at Rs 984.95 crore in Q1 June 2020 as against pre-tax loss of Rs 280 crore in Q1 June 2019. The Q1 result was announced after trading hours yesterday, 27 August 2020.
GMR Infrastructure's businesses which have been impacted by the lockdown measures is gradually showing signs of recovery.
The board of GMR Infrastructure (GIL) along with other Group companies - GMR Power Infra (GPIL) and GMR Power and Urban Infra (GPUIL) has announced a composite scheme of arrangement involving vertical split demerger of the non-airport business (Energy, EPC, Urban Infrastructure etc.) of GIL into GPUIL, as a going concern, along-side amalgamation of GPIL with GIL, as a step preceding demerger.
The scheme to create mirror shareholding of GIL in GPUIL with all existing shareholders of GIL becoming shareholder of GPUIL in the same proportion. The scheme envisages issue of 1 additional share of Rs 5 each of GPUIL for every 10 shares in GIL of Re 1 each as on the record date. Post scheme, GIL will emerge as India's only pure-play listed airports company. All existing shareholders of GIL would continue their same shareholding in GIL.
The restructuring is a step towards creating pure plays in different businesses of the group thereby attracting sector-specific global investors and unlocking value for the current shareholders of GIL. This will also pave the way for focused growth and sustained value creation for all stakeholders over a period of time.
Separate listing of both the airport and non-airport businesses will also help in simplifying the corporate holding structure. The vertical split demerger will go a long way in facilitating deeper understanding of the airport business independently as compared to other business verticals within the group.
The appointed date for the scheme, being the date on which the undertakings shall vest in the respective resulting companies, has been fixed at 1 April 2021. The scheme is subject to the customary approvals from the stock exchanges, Sebi, NCLT, shareholders and creditors, etc.
GMR Infra is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.
Shares of GMR Infrastructure gained 0.78% at Rs 25.90. The scrip hovered in the range of Rs 25.85 to Rs 28.25 so far.
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