Kotak Institutional Equities has a 'buy' rating on the stock with a target price of Rs 43
The company will seek the nod of shareholders through a postal ballot, it said in a filing to BSE on Thursday.
Shareholders' approval will be sought for the change of name of the company from 'GMR Infrastructure Limited' to 'GMR Airports Infrastructure Ltd' and consequent alteration in the Memorandum and Articles of Association of the company, the filing said. The voting through the electronic mode will commence from July 29 and end on August 27.
The concession agreement for the Nagpur Airport is expected to be executed at the earliest, the company said in a release.
Airports the world over have increased focus on non-aero revenue and the trend at Delhi shows the airport is joining its global peers.
Expansion of existing airports and new projects provide a growth runway, although COVID-19 remains a key headwind
GMR had filed a composite scheme of amalgamation and demerger among GMR Power Infra and GMR Power and Urban Infra with the NCLT in March this year.
GMR Infra’s demerger plan has entered the final leg. Will a separate listing of its airport business unlock value for investors?
Promoter Patel Shilpaben P sold 15.5 lakh shares or 4.3 percent shareholding in PSP Projects at Rs 423.07 per share.
The Board of GMR Infra is scheduled to meet on August 13 to consider the fund raise through issue of securities.
The share touched its 52-week high of Rs 29.95 on March4, 2021 and a 52-week low of Rs 14.10 on March 13, 2020,
The company said it will file the scheme with the National Company Law Tribunal (NCLT) within six months.
The company had posted a net loss of Rs 458 crore during the same quarter a year ago, GMR Infrastructure said in a BSE filing.
With stake sales bringing down its corporate debt, GMR is now a play on the resumption of air travel
The sale transaction shall be subject to receipt of regulatory and other statutory approvals.