GMR Infra gains on plan to sell stake in Istanbul airport

MUMBAI: GMR Infrastructure stock continued with its upward momentum as the company is likely to sell its entire 40 per cent stake in Istanbul’s Sabiha Gökçen International Airport (ISGIA) to Malaysia Airport Holdings Berhad (MAHB) for Rs 1,900 crore.

The stock has surged over 14 per cent since last Tuesday as investors expect the company to use the proceeds to pare corporate debt.

“We have received a notice from Malaysia Airport Holding Berhard (MAHB), one of the shareholders of ISGIA and LGM, seeking to exercise its right of refusal (ROFR), for acquisition of 40 per cent equity stake in ISGIA and LGM. GMR is evaluating the exercise of ROFR by MAHB and will intimate the stock exchange further developments in this regard,” the company said in a filing to the stock exchanges.

Apart from GMR, Turkey-based Limak Construction holds 40 per cent and MAHB holds 20 per cent stake in the Istanbul airport. MAHB has exercised its right of first refusal to acquire the stake.

At 09:50 a.m.; the stock was at Rs 24.40, up 2.31 per cent, on the BSE. It touched a high of Rs 24.95 and a low of Rs 24.20 in trade today.