GMR Infrastructure share price rose 3 percent in the early trade on September 25 after the company sold its entire stake in Kakinada
SEZ.
The company signed definitive agreements for the sale of the entire 51 percent stake owned by its wholly-owned subsidiary GMR SEZ and Port Holding Limited in Kakinada SEZ Limited (KSEZ) to Aurobindo Realty and Infrastructure Private Limited, a release said.
As part of the proposed transfer of stake of KSEZ, the 100 percent equity stake of Kakinada Gateway Port Limited (KGPL) held by KSEZ would also be transferred to Aurobindo Realty.
The total consideration for the stake sale as well as the sub-debt in KSEZ is Rs 2,610 crore.
Out of the total consideration, Rs 1,600 crore would be received on the closing date and balance Rs 1,010 crore would be received in the next two to three years, which is contingent upon certain agreed milestones, company added.
The sale transaction shall be subject to receipt of regulatory and other statutory approvals.
At 0920 hours, GMR Infrastructure was quoting at Rs 21.65, up Rs 0.45, or 2.12 percent on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
