This mid-cap company and NIIF announced one of the biggest partnerships of 2022. Do you own it?
The stock skyrocketed more than 145 per cent in five years.
GMR Airports Limited (GAL), a subsidiary of GMR Airports Infrastructure Limited and NIIF (National Investment and Infrastructure Fund) announced a financial partnership for NIIF to invest in the equity capital of three airport projects. These include the greenfield international airports at Mopa, Goa and Bhogapuram, Andhra Pradesh.
The transaction calls for NIIF to make a primary investment of INR 6.31 billion in the form of a compulsory convertible debenture (CCD) in GMR Goa International Airport Limited (GGIAL), a special-purpose vehicle that will operate and manage the new Goa airport. The transaction is subject to customary closing conditions and required approvals. This will be NIIF's first investment in an airport asset in India, as well as its first direct investment in Goa.
GMR Infrastructure is primarily involved in airport development, maintenance and operation, power generation, coal mining & exploration activities, highway development, maintenance, operation of special economic zones and construction business including engineering, procurement and construction (EPC) contracting.
Today, shares of GMR Airports Infrastructure Limited soared by 0.35 per cent to Rs 43.20 apiece. The company’s 52-week high was Rs 49.15 and the 52-week low is Rs 31.70. The stock skyrocketed more than 145 per cent in five years. Investors should keep a close eye on this stock.