Moneycontrol
Jul 14, 2017 09:52 AM IST | Source: Moneycontrol.com

GVK rises 7% on completion of residual stake sale in BIAL for Rs 1290cr

The company has announced the completion of sale of its residual stake of 10 percent in Bangalore International Airport (BIAL) to Fairfax India Holdings Corporation for a consideration of Rs 1290 crore.

 
 
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Shares of GVK Power & Infrastructure gained nearly 7 percent intraday Friday as it has sold stake in the BIAL.

The company has announced the completion of sale of its residual stake of 10 percent in Bangalore International Airport (BIAL) to Fairfax India

Holdings Corporation for a consideration of Rs 1290 crore.

The company held these shares through its subsidiary, Bangalore Airport Infrastructure Developers.

In March 2017, the company closed an agreement which was signed during March 2016 with Fairfax India to sell a 33 percent stake in BIAL.

GVK had retained a 10 percent stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10 percent residual stake to Fairfax India, subject to necessary consents and approvals.

G V K Reddy, Founder Chairman & Managing Director of GVK said, “Since deleveraging is currently our top priority, we decided to part ways with BIAL. However, we would like to reiterate that the airports sector will continue to be a core focus area for GVK.”

At 09:47 hrs GVK Power & Infrastructure was quoting at Rs 7.64, up Rs 0.35, or 4.80 percent on the BSE.

Posted by Rakesh Patil
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