GMR Infra rallies after CCI nod to partner with Groupe ADP
Mumbai: Shares of GMR Infrastructure Ltd (GIL) on Monday jumped 12.50% after anti-trust body Competition Commission of India (CCI) approved the company’s proposal to sell 49% stake in its airport business–GMR Airports Ltd (GAL)–to France’s Groupe ADP.
GIL has signed a share purchase agreement with Groupe ADP, which will hold 49% stake in GAL for an equity consideration of ₹10,780 crore. This will value GAL at ₹22,000 crore, the company informed the stock exchanges after market hours on Thursday.
Markets were closed on Friday due to Mahashivratri.
The equity consideration comprises ₹9,780 crore of secondary sale of shares by GMR and ₹1,000 crore worth of equity infusion in GAL.
