Home Market GMR Infra jumps 9% on Rs 8,000 cr airports biz deal

GMR Infra jumps 9% on Rs 8,000 cr airports biz deal

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NEW DELHI: Shares of GMR Infra surged 9 per cent on Wednesday after the company announced that Tata Group, an affiliate of GIC, Singapores sovereign wealth fund and SSG Capital Management will invest in its airports business.

GIL has signed a binding term sheet with the investors pursuant to which the investors have agreed to invest Rs 8,000 crore in GMR Airports Limited. The investment amount of Rs 8,000 crore will consist of Rs 1,000 crore equity infusion in GAL and Rs 7,000 crores towards purchase of GALs equity shares from GIL and its subsidiaries.

The proposed investment is subject to definitive documentation, customary regulatory approvals, lender consents and other approvals.

Following the investment, GIL proposes to demerge its energy, highways, urban infrastructure and transportation businesses, leading to separation of itsRead More – Source