GMR Infrastructure shares up 5.9% after talks with Khazanah and SBI Macquarie for road assets

BANGALORE: The share price of GMR Infrastructure moved up by 5.90% at Rs 21.55 on Wednesday on the Bombay stock exchange amid the news that the firm is in talks with Malaysian sovereign fund Khazanah and SBI Macquarie to sell stake in its road assets.

GMR Infra has touched a high of Rs. 21.55 within the day and has seen an intraday low of Rs. 20.35 at 1.57 pm on Wednesday.

On Wednesday ET reported that the Bangalore-based Infrastructure company has initiated talks with investors including Uniquest Infra Ventures, Khazanah Nasional Berhad's joint venture with IDFC , and SBI Macquarie to sell minority stakes either in road asset holding company GMR Highways or special purpose vehicles for the road projects.

GMR is looking to mop up to Rs 1,500 crore in its road projects to meet the equity requirement of the $1.6-billion Kishangarh-Udaipur-Ahmedabad highway. GMR Highways has six operating assets totalling 421 km, three assets totalling 309 km under development and was recently awarded the 555-km Ahmedabad-Udaipur-Kishangarh project.

GMR Holdings owns 71.49% stake in GMR infrastructure, which owns 100% stake in GMR Highways Holding.