Shares of GMR Infrastructure extended gain in the morning trade on Thursday after the media reports said that the competition commission of India (CCI) has approved the deal acquisition of a 55.2% in GMR’s airport business by Tata Realty, GIC and SSG Capital management.
The deal will bring Rs8,500cr to the company. The stake sale will give Tata’s a stake of about 20% in the airport holding company, while GIC and SSG will hold about 15% and 10%, respectively. GMR Infra's stake will come down to about 54% while an employee welfare trust will hold about 2%, the media reports added.
However, the company said in the BSE filing, “further to our intimations dated March 27, 2019 and July 5, 2019, we wish to inform that the approval of the Competition Commission of India has been received vide its letter dated October 1, 2019, for the proposed equity investment from Tata Group, GIC affiliate and SSG affiliate at GMR Airports Limited, subsidiary of the Company.”
GMR Infrastructure Ltd is currently trading at Rs16.80, up by Rs0.45 or 2.75% from its previous closing of Rs16.35 on the BSE.
The scrip opened at Rs16.45 and has touched a high and low of Rs16.85 and Rs16.45 respectively.
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