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GMR Infra shares end flat after hitting 52-week high

The stock got traction after reports emerged that the company is going through a restructuring exercise that will result in it retaining just the airport business.

August 28, 2020 / 05:26 PM IST
 
 
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Shares of GMR Infrastructure surged almost 10 percent to hit their fresh 52-week high of Rs 28.25 in intraday trade on BSE on August 28.

The stock, however, erased all gains and ended flat at Rs 25.70 on BSE.

The stock got traction after reports emerged that the company is going through a restructuring exercise that will result in it retaining just the airport business.

The rest of its verticals - energy, EPC and urban infrastructure - will be carved out under GMR Power and Urban Infra Limited (GPUIL). At present, both GPUIL and GMR Power Infra, which housed the energy business, were units of GIL.

After the scheme, GIL will emerge as the country's only pure-play listed airport company.

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Read more: GMR Group restructures flagship GIL; non-airports businesses to be carved out

Meanwhile, there are reports that the company is evaluating the launch of a qualified institutional placement (QIP) to reduce the debt on its balance sheet, people with knowledge of the matter told Moneycontrol.

Read more: GMR Infra may launch Rs 2,000- Rs 3,000 crore QIP in October
Moneycontrol News
first published: Aug 28, 2020 03:30 pm

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