GMR Infra shares up 2 pc on BSE amid stake sale buzz
Shares of GMR Infrastructure rose 2 per cent on BSE amid reports that the entity is in advanced talks to sell stake in US-based power utility InterGen to Chinese company.
By PTI |
MUMBAI: Shares of GMR Infrastructure rose 2 per cent on the Bombay Stock Exchange amid reports that the entity is in advanced talks to sell its stake in US-based power utility InterGen to a Chinese company.
The scrip shot up by 2 per cent to settle at Rs 63.80 on the BSE. Earlier in the session, the stock gained 2.39 per cent to hit a month-high of Rs 64.05.
On the National Stock Exchange, the scrip closed at Rs 63.80, up 2 per cent.
According to media reports, the company is in advanced talks to sell a 50 per cent stake in US-based InterGen NV to China's Huaneng Group for about $1.2 bn.
The state-owned Chinese company may pay GMR Infrastructure as much as $1.4 bn for the stake, besides the take-over of some non-operating assets, the report added.
GMR Infrastructure had in 2008 bought a 50 per cent stake in Massachusetts-based power utility InterGen for $1.1 bn from a fund owned by American International Group Inc, the report added.
Earlier this month, the company had reported a 26.23 per cent growth in consolidated net profit to Rs 28.44 crore for the quarter ended June 30, 2010.
Meanwhile, GMR Infrastructure's shares have risen by nearly 9 per cent on the BSE so far this month.
The scrip shot up by 2 per cent to settle at Rs 63.80 on the BSE. Earlier in the session, the stock gained 2.39 per cent to hit a month-high of Rs 64.05.
On the National Stock Exchange, the scrip closed at Rs 63.80, up 2 per cent.
According to media reports, the company is in advanced talks to sell a 50 per cent stake in US-based InterGen NV to China's Huaneng Group for about $1.2 bn.
The state-owned Chinese company may pay GMR Infrastructure as much as $1.4 bn for the stake, besides the take-over of some non-operating assets, the report added.
GMR Infrastructure had in 2008 bought a 50 per cent stake in Massachusetts-based power utility InterGen for $1.1 bn from a fund owned by American International Group Inc, the report added.
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Earlier this month, the company had reported a 26.23 per cent growth in consolidated net profit to Rs 28.44 crore for the quarter ended June 30, 2010.
Meanwhile, GMR Infrastructure's shares have risen by nearly 9 per cent on the BSE so far this month.
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