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Shares of GVK Power & Infrastructure Ltd were trading higher by about 5 per cent during the day’s trade with talk of discussions for stake sale in the company’s coal subsidiary.
The company shares were quoting at Rs 14.14, up 5.21 per cent. The 52-week high for the scrip was Rs 21.70 and a low of Rs 9.56.
The company stock seems to have gained on the news buzz that the Government of Singapore Investment Corporation Pte Ltd (GIC) is in discussions with the GVK Group promoters for picking up some stake in GVK Coal Developers (Singapore) Pte Ltd.
There are reports that the stake deal could be valued at about $600 million.
The company management had recently confirmed that several investors are knocking at their doors for being part of the company and a decision was likely soon.
The diversified Hyderabad-based business house, GVK had acquired Hancock Coal mine projects in Australia for $1.26 billion and is in the process of securing environmental clearance for the project and closing finances.
While the Queensland Government has accorded clearance, the Federal Government had directed the company to provide details about four key issues, including flora and fauna in the Great Barrier Reef.
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