GMR Infra shares soar over 12 pc on stake sale in airport biz
Feb 24, 2020, 12:40 IST
New Delhi, Feb 24 () Shares of GMR Infrastructure on Monday surged over 12 per cent after the CCI gave approval for the GMR group's proposed 49 per cent stake sale in its airport business to France's Groupe ADP.
The stock hit a high of Rs 26.55, up 12.5 per cent, on the BSE. Later, it shed some gains to trade higher by 10.81 per cent at Rs 26.15.
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On the NSE, the scrip was trading at Rs 26.30, up 11.21 per cent.
The Competition Commission of India (CCI) on Friday gave approval for GMR group's proposed 49 per cent stake sale in its airport business to France's Groupe ADP.
The regulator's clearance is through the green channel, which allows for an automatic system for speedy approval of combinations, subject to certain conditions.
On Thursday, GMR Infrastructure had said the French group would acquire 49 per cent stake in its airport business for Rs 10,780 crore, a deal that will help the domestic entity reduce its debt burden. RUJ ANUANU(This story has not been edited by www.businessinsider.in and is auto–generated from a syndicated feed we subscribe to.)