Shares of GMR Infrastructure rose as much as 4.38 per cent to touch a 52-week high of Rs 25 apiece on the BSE and National Stock Exchange (NSE) in the intraday trade on Thursday after the company announced that will sell 49 per cent stake in its airport business to TRIL Urban Transport (a Tata Group firm).
The stock of the infrastructure company climbed 4.38 per cent to Rs 25.00, a 52-week high, during the morning session of trade. However, the stock pared most of its gains and was trading over 0.5 per cent higher in afternoon trade. At 1:25 pm, the scrip was at Rs 24.10, up Rs 0.15 (0.63 per cent) on the BSE as well as NSE.
So far over 13.61 lakh shares of GMR Infra have been traded on the BSE and over 3.32 crore shares exchanged hands on the NSE in the intraday trade.
In an exchange filing to the BSE, GMR Infra said that it has agreed to divest 49 per cent in GMR Airports Limited, up from previously agreed 44.44 per cent, to TRIL Urban Transport Private Limited (part of TATA Group), an affiliate of GIC and SSG Capital Management.
The deal would be done in one or more trances and would be subject to regulatory approvals, the filing said adding that an amended and restated Shares Subscription and Purchase Agreement and Shareholders Agreement has been executed for the new deal.