GVK Power & Infra surges on bourses in morning trade

MUMBAI: Shares of GVK Power and Infrastructure surged by up to 6.32 per cent in morning trade on the bourses today after the company raised its stake in Bangalore International Airport Ltd (BIAL) to 43 per cent.

The announcement was made after the market close yesterday.

Led by smart buying at its counter, the scrip spurted by 6.32 per cent to touch an early peak of Rs 18.50 on the NSE. Similarly, the stock went up by 5.45 per cent to touch an early high of Rs 18.35 on the BSE.

GVK Power and Infrastructure yesterday announced the acquisition of an additional 14 per cent stake in BIAL from German firm Siemens Project Ventures, taking its total holding in the company to 43 per cent.

The acquisition by GVK Power and Infrastructure is in addition to the 29 per cent stake the company holds in BIAL.

Siemens holds a 40 per cent stake in the company. Meanwhile, trimming some of its initial gains, shares of GVK Power were trading at Rs 17.90, up 2.87 per cent from their previous close on the BSE, at 1043 hours.