GVK up 2%; Ministry gives nod to Prem Watsa’s 33% stake buy
According to a media report, the ministry of civil aviation has given a security clearance to Canadian billionaire Prem Watsa’s proposed investment of Rs 2,149 crore to buy 33% in Bengaluru airport.
GVK Power & Infrastructure soared over 2 percent intraday on Tuesday as investors rejoiced on the buzz that the aviation ministry has approved its stake sale plan. The Civil Aviation Ministry gave a security clearance to the Canadian billionaire investor Prem Watsa’s proposed investment to buy 33 percent stake in Bengaluru airport, The Economic Times reported on Tuesday. The nod will now clear the decks for the deal to be completed soon, the publication’s report added. The stake purchase proposition by Watsa’s Fairfax India Holdings Corporation and Fairfax Financial Holdings was to the tune of Rs 2,149 crore. The stock has staged a significant recovery after its fall of nearly 15 percent in the past three months to an increase of over 6 percent in the last one month. Earlier in January, it had seen an intraday jump of 13 percent on buzz that the company may have been the lone bidder for Rs 16,000-crore Navi Mumbai airport. At 09:38 hrs GVK Power & Infrastructure was quoting at Rs 5.90, up Rs 0.03, or 0.51 percent. It has touched an intraday high of Rs 6.00 and an intraday low of Rs 5.90.
News Source: www.moneycontrol.com
You might also like
Lufthansa to roll out Wi-Fi on short-haul flights
Send emails from a height of 32,808 feet, shop online while soaring over the Alps, stream videos above the clouds – and all of that with broadband quality. Soon, passengers
TripXOXO in association with Raaste-Ka-Bhukkad organizes ‘Food Crawlathon’
A ‘first-of-its-kind’ event inviting foodies to enjoy mouth-watering dishes at 24 spots in 12 hours! TripXOXO, an online go-to destination for travellers looking for ‘activities and things-to-do’ across the world
Berggruen Hotels achieves the double at Hotelier India Awards
Keys Hotels, part of Berggruen Hotels, LA has bagged two awards at the recently held The Hotelier India Awards 2017. This is the second time in a row that the