GMR Infra gains on selling stakes to Adani Power

GMR Infrastructure has signed definitive Share Purchase Agreement with Adani Power (APL) for the sale of GMR Chattisgarh Energy (GECL), held by its wholly-owned subsidiary, GMR Generation Asset Limited.

GMR is to sell the entire stake of 47.62 per cent in GMR Chhattisgarh Energy (GCEL) to Adani’s energy unit, Adani Power. Shares of the company were trading around 5 per cent higher in the morning session.

The association of GCEL has adopted the ‘Change in Management’ as a Resolution Plan (RP) in accordance with the Guidelines issued by Reserve Bank of India. A detailed bidding process was followed thereafter selecting APL as the final bidder. GCEL has received 100 per cent approvals of all lenders for the implementation of the RP.

GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.

On Friday, the shares of GMR opened at Rs. 15.85 against Thursday’s close of Rs.15.14. At 10:44, the stock was trading at Rs. 15.91, up by 5.09 per cent. Its intraday high was Rs.15.98 and intraday low was Rs. 15.49 per share on the BSE. The 52-week high stood at Rs. 21.50 and 52-week low was at Rs. 13.45 per share on the BSE.