GVK Power up as Changi Airports eyes stake in co

BSE 24 May 12 | 12:00 AM

12.00		0.2 (1.69%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: 532708

Face Value: N.A.

NSE 24 May 12 | 12:00 AM

11.95		0.15 (1.27%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: GVKPIL

Performance
1 Week	:	Rs	11.80	(1.69%)
1 Month	:	Rs	16.65	(-27.93%)
1 Year	:	Rs	21.70	(-44.70%)

GVK Power up as Changi Airports eyes stake in co

Abhishek Vasudev / New Delhi 26 Dec 11 | 10:49 AM

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GVK Power and Infrastructure has rallied 8.4% to Rs 12 on back of news reports that Singapore's Changi Airports Group is in talks to buy a 26% stake in the company's airport business.

According to news reports, "Changi, which operates Singapore's international airport, is likely to pay between Rs 2,000 crore and Rs 2,200 crore for the stake. At the top end of that range, GVK's overall airport business would be worth about Rs 8,000 crore."

"The deal is in the final stages, and an announcement is likely to be made in January," the report adds.

The stock opened at Rs 11 and touched the high of Rs 12.15 in early trades so far. Trading volumes on the counter have surged as 33,16,000 shares have changed hands compared to its two-week average of 19,92,000 shares.