GVK Power & Infrastructure jumps 16% as stake in Mumbai International Airport raised to 64%

share market tips

Upon completion of this acquisition, equity shareholding of the GVK Group will increase to 64 percent from the existing 50.5 percent of the total paid-up share capital of MIAL, the company said

GVK Power & Infrastructureshares rallied 16.4 percent in morning on Monday after the company increased its equity stake in Mumbai International Airport to 64 percent.

The stock was quoting at Rs 8.26, up Rs 0.88, or 11.92 percent on the BSE, at 10:15 hours IST.

On February 23, GVK Airport Holdings, a step down subsidiary of GVK Power & Infrastructure, said it has exercised its right to acquire 16.2 crore equity shares of Mumbai International Airport Limited (MIAL), constituting 13.5 percent of the total paid-up share capital of MIAL, from Bid Services Division (Mauritius) Limited.

It acquired those shares at the rate of Rs 77 per share.

Upon completion of this acquisition, equity shareholding of the GVK Group will increase to 64 percent from the existing 50.5 percent of the total paid-up share capital of MIAL, the company said.The acquisition was as per their Shareholders Agreement dated April 4, 2006, and also in accordance with the various contractual agreements between GVK Airport Holdings and Bid Services Division (Mauritius) Limited.

Make sure your Financial Advisors worth their fees here we’re letting you know us more who we actually so click here to TRADE UP >>Share Market Tips

Please follow and like us:
20