Stocks

GMR Infra share price rises over 3% on stake sale in Kakinada SEZ

Internet Desk | Updated on September 25, 2020 Published on September 25, 2020

GMR Infrastructure Ltd on Friday announced the signing of definitive agreements for the sale of entire 51 per cent equity owned by its wholly-owned subsidiary GMR SEZ and Port Holding Ltd (GSPHL) in Kakinada

SEZ Ltd to Aurobindo Realty and Infrastructure Pvt Ltd.

As part of the proposed transfer of stake of KSEZ, the 100 per cent equity stake of Kakinada Gateway Port Ltd held by KSEZ would also be transferred to Aurobindo Realty, a press release from the infra major said.

 

Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is ₹2,610 crore.

Out of the total consideration, ₹1,600 crore would be received on the closing date and balance ₹1,010 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones, it said.Shares of the company have gained over 3.6 per cent to trade currently at ₹21.85/apiece.

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Published on September 25, 2020
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