GMR Infrastructure share price rose over 1 percent intraday on April 13 after the company's subsidiary received LoA for the development and operations of Bhogapuram Airport.
GMR Airports (GAL), a subsidiary of GMR Infrastructure, has received the Letter of Award (LoA) for the development and operations of Greenfield international airport at Bhogapuram in Andhra Pradesh from the state government, as per the company release.
In February 2019, GAL had emerged as the highest bidder for the project on a PPP basis.
The project involves designing, build, finance, construction, development, up-gradation, modernization, operation and maintenance of Greenfield International Airport at Bhogapuram for the period of 40 years, extendable by additional 20 years through the international competitive bidding process, with GMR Airports having RoFR of 10 percent, it added.
"We are very happy to be partnering with Government of Andhra Pradesh to develop, operate and manage the prestigious Bhogapuram International Airport. We are excited about the potential of this region," said GBS Raju, Business Chairman GMR Airports.
At 09:35 hrs GMR Infrastructure was quoting at Rs 16.55, down Rs 0.15, or 0.90 percent on the BSE.
The share touched its 52-week high Rs 26.55 and 52-week low Rs 14.05 on 24 February, 2020 and 19 June, 2019, respectively.
Currently, it is trading 37.66 percent below its 52-week high and 17.79 percent above its 52-week low.
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