Mar 05, 2013, 10.37 AM | Source: Reuters
GMR Group (GMRI.NS) said it would sell its 70 percent stake in the Island Power Project in Singapore to FPM Power Holdings for S$660 million.
The group will net a profit of Rs 1356 crore from the sale, which it will use in its domestic energy business where it is currently developing power projects totaling 5,790 megawatts, GMR said in a statement on Monday.
The gas-fired Island project is currently 96 percent complete and is expected to start operations by end-2013, GMR said. Malaysia's Petronas holds the remaining 30 percent in the project.
Shares in GMR rose nearly 4 percent in a weak Mumbai market ahead of the deal announcement.
The cash-strapped Indian group has been looking to divest stakes in non-core assets since last year. Last month it sold a majority stake in a road project in India. GMR Infrastructure , a unit of the group, held net debt of nearly $7 billion at end-December and posted a net loss for the December quarter.
GMR Infra stock price
On April 29, 2016, GMR Infrastructure closed at Rs 12.61, up Rs 0.59, or 4.91 percent. The 52-week high of the share was Rs 18.60 and the 52-week low was Rs 9.58.
The latest book value of the company is Rs 14.56 per share. At current value, the price-to-book value of the company was 0.87.
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