Trending Small Cap Stock: GVK Power and Infra to head off from B’luru airport
DSIJ Intelligence / 14 Jul 2017
GVK Power & Infrastructure Limited is a holding company. The Company operates in energy, airports, transportation and has presence in other business, such as resources and urban infrastructures.
GVK Power & Infrastructure Limited is a holding company. The Company operates in energy, airports, transportation and has presence in other business, such as resources and urban infrastructures.
GVK Power and Infrastructure Limited (GVKPIL) has permanently departed from the Bangalore International Airport limited (BAIL) by selling its left over 10 per cent stake in the airport project to Fairfax India Holdings Corporation (Fairfax India) for Rs 1,290 crore.
At the moment, Watsa, the owner of Fairfax India owns 48 per cent in the third busiest airport in the country.
GVK has constructed the airport under a 30+30 year special consideration agreement from the government. In March 2016, the airport was valuing around Rs 6,500 crore.
GVK Group founder chairman & managing director GVK Reddy has also shared his views on selling the residual stake. He stated, deleveraging is currently their top priority; however the main focus will always be the airport sector only.
Going ahead, He also assured that they will be focusing now on Mumbai as well as the Navi Mumbai airport for which they have won the bid.
This small cap stock in today’s trade has opened at Rs.7.50 per share by touching a high/low of Rs.7.80/Rs.7.35 on NSE and at 11:25 am the stock is quoting at Rs.7.45 per share.
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