GMR Infra up almost 5%

GMR Infra is doing well today also. The stock is up 5% at Rs.20.80, its current intra day high point. Its 52-week high is at Rs.27.

The stock is up on news that it has sold 74% stake in its road subsidiary – GMR Ulundurpet Expressway, which operates a highway stretch of about 73km from Tindivanam to Ulundurpet on National Highway 45 in Tamil Nadu, to India Infrastructure Fund for Rs.222 crore.  The divestment of the current asset will also reduce the debt as on August 31 by about Rs 459 crore on a fully consolidated basis, in addition to infusing equity funds of Rs 222 crore. Its total debt currently stands at Rs.33,716 crore.

GMR operates eight road assets that are complete and commercially operational. Highway sector contributes 5% to company's revenue.