GVK Power jumps over 4% on BIAL stake sale

Shares of GVK Power rose as the company plans to sell 10 per cent stake in airport operator.

The stock rose as much as 4.2 per cent.

The company had said on Friday it will sell its 10 per cent

residual stake in Bangalore International Airport Ltd (BIAL) to Fairfax India Holdings Corp for Rs 1,290 crore ($200.53 million).

Toronto-listed Fairfax India said it will own combined 48 per cent interest in BIAL on deal completion.

The proceeds will be used for reducing GVK's debt obligation.

The stock has gained 10.2 per cent this year as of Friday's close.