Srei Infra 'towers' up
By
Research Desk
about 10 years ago
SREI Infra is towering up today, with the stock opening higher at Rs.51.70 as against the close of Rs.47.50 on Friday. Volumes are up around 3 times and the stock, after hitting an intra day high at Rs.52.45, is up 5.6% at Rs.50.15.
The stock is up on unconfirmed news that American Tower Company (ATC) is close to acquiring a 51% stake in Viom Networks for around $900 to $ billion. Srei holds 18.5% stake in Viom and majority stake of 54% is owned by unlisted company Tata Teleservices. Once the stake sale happens, the Indian unit of ATC will be merged with Viom.
Srei hopes to use the funds for infra development and other capex plans.