The announcement was made during market hours today, 5 July 2019.
Meanwhile, S&P BSE Sensex was up 18.69 points or 0.05% at 39,926.75.
On BSE, 5.07 lakh shares were traded in GMR Infrastructure counter, compared to a 2-week average of 7.45 lakh shares. The share price hit an intraday high of Rs 15.98 and an intraday low of Rs 15.49. It hit a 52-week high of Rs 21.50 on 3 September 2018 and a 52-week low of Rs 13.45 on 5 February 2019.
Shares of GMR Infrastructure rose 4.58% in three trading sessions to its current market price of Rs 15.74 today, 5 July 2019 from a recent closing low of Rs 15.05 on 2 July 2019.
GMR Infrastructure said it executed share subscription and purchase agreement, shareholders agreement and other related transaction documents with TRIL Urban Transport (part of Tata Group), an affiliate of GIC and SSG Capital Management for a proposed investment of Rs 8,000 crore in GMR Airports, a subsidiary of the company. The proposed investment amount of Rs 8,000 crores will consist of Rs. 1,000 crore equity infusion in GAL and Rs 7,000 crore towards purchase of GAL's equity shares from GIL and its subsidiaries.
GMR will now focus on potential restructuring of the business by way of a demerger of its energy, highways, urban infrastructure & transportation businesses, leading to separation of its airport business, subject to customary consents including corporate & regulatory approvals.
GMR Infrastructure announced after trading hours yesterday, 4 July 2019, that it signed a definitive share purchase agreement with Adani Power for the sale of the entire stake 47.62% in GMR Chhattisgarh Energy (GCEL), held by its wholly owned subsidiary GMR Generation Assets (GGAL). The consortium lenders of GCEL adopted the change in management as a resolution plan (RP) in accordance with the guidelines issued by Reserve Bank of India. Lenders followed a detailed bidding process and selected APL as the final bidder. GCEL has received 100% approvals of all lenders for implementation of the RP. Implementation of RP will lead to a significant deleveraging for the GMR Group.
On a consolidated basis, GMR Infrastructure reported a net loss of Rs 128.95 crore in Q4 March 2019 as compared to a net profit of Rs 4.87 crore in Q4 March 2018. Net sales declined 5.1% to Rs 1,879.40 crore in Q4 March 2019 over Q4 March 2018.
GMR Infrastructure is a global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure. It is listed on Indian stock exchanges.