GMR Infra climbs 3% as ADIA looks to buy 49% stake in Hyderabad airport

NEW DELHI: Shares of GMR Infrastructure rose on Monday after the ET quoted multiple sources said that the company was in advanced talks with sovereign wealth fund Abu Dhabi Investment Authority (ADIA) to sell a stake of up to 49 per cent stake in Hyderabad International Airport.

The Bengaluru-based infrastructure developer is looking to sell non-core assets to lighten its debt burden and, if the transaction goes ahead, the airport entity will be valued at Rs 5,000 crore, the ET report said.

Following the development, the stock rose 3.05 per cent to Rs 18.55 on BSE. However, it ended the day at Rs 18.05, up 0.28 per cent. The stock has been seeing a spurt in volumes of late.

A total of 31.12 lakh GMR shares changed hands on BSE, compared with a two-week average of 58.51 lakh shares.

Paris Aeroport, formerly Aeroports de Paris , is also in talks with GMR, sources said, although talks with ADIA are said to be much further along. Paris Aeroport owns and manages 14 civilian airports and airfields in the Paris area, including Charles de Gaulle, France's largest such facility.