GMR Infra rises 10%

about 1 year ago
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GMR Infra rose 10% to an intraday high at Rs.28.25 the moment it opened for trading. And it is currently trading at Rs.26 levels, up 1.5%.

The stock reacted immediately to the proposed restructuring, wherein it plans to monetise its airport business by listing it as a separate entity. Yesterday, at the Board meeting, it was proposed to make GMR Infrastructure Ltd (GIL) into a pure airport company after the demerger.

The non-airport business, comprising of Energy, EPC, Urban Infrastructure, etc. will operate under the company, GMR Power and Urban Infra Limited (GPUIL).

After the demerger, shares of GPUIL will be allotted to all shareholders of GMR Infra. The scheme envisages issue of one additional share of Rs 5 each of GPUIL for every 10 shares in GIL of Re 1 each as on April 1, 2021.

The company ended Q1FY21 with a consolidated net loss of Rs.834 crore.

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