The stock hit a high of Rs 26.55, up 12.5 per cent, on the BSE
(Photo: GMR Group)
Share price of GMR Infrastructure rose 10.50 per cent after anti-trust body the Competition Commission of India (CCI) gave approval for the GMR group’s proposed 49 per cent stake sale in its airport business to France’s Groupe ADP.
On Thursday, GMR Infrastructure had said the French group would acquire 49 per cent stake in its airport business for Rs 10,780 crore, a deal that will help the domestic entity reduce its debt burden.
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The stock hit a high of Rs 26.55, up 12.5 per cent, on the BSE. Later, it shed some gains to trade higher by 8.90 per cent at Rs 25.70.
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Similar trend was witnessed on the NSE, the scrip was trading at Rs 25.70, up 8.67 per cent during the intraday trade.
The regulator’s clearance is through the green channel, which allows for an automatic system for speedy approval of combinations, subject to certain conditions.
(With input from agencies)
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