GMR Infra is up 7% at Rs.22.70 with a 1.5 times surge in volumes. Its 10% UC of the day is at Rs.23.30.
The company announced today morning that its wholly owned subsidiary, GMR SEZ and Port Holding (GSPHL) will sell its entire 51% stake in Kakinada SEZ to Aurobindo Realty and Infrastructure.
Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs.2610 crores. Out of the total consideration, Rs.1600 crores would be received on the closing date and balance 1010 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones.
KSEZ is engaged in the business of implementation of a port based multi-product special economic zone project at Kakinada, East Godavari District, Andhra Pradesh and KGPL has the Concession granted by the Govt. of Andhra Pradesh to set up a greenfield commercial port in Kona Village of the East Godavari Dist., of Andhra Pradesh.