GHIAL a subsidiary of GMR Infrastructure has divested its 100 percent stake in its subsidiary company.
Shares of GMR Infrastructure gained 1 percent in the early trade on Tuesday after company's arm divested its stake in its subsidiary company.
GMR Hyderabad International Airport (GHIAL) a subsidiary of GMR Infrastructure has divested its 100 percent stake in its subsidiary namely Asia Pacific Flight Training Academy (APFTAL) to a third party, for a token consideration.
APFTAL is engaged in the business of providing flight training and as per the latest unaudited financial statements for the nine month period ended December 31, 2018, APFTAL had a turnover of Rs 4.72 crore, PAT of Rs (1.47) crore, (excluding exceptional items) and accumulated losses of Rs 11.37 crore, company said in release.
Consequent to the above divestment, APFTAL has ceased to be a subsidiary of GHIAL and thereby also of GIL, it added.
At 09:40 hrs GMR Infrastructure was quoting at Rs 16.70, up Rs 0.05, or 0.30 percent on the BSE.For more market news, click here