GMR Infrastructure shares gained as much as 4 per cent in the early trade after a business daily reported that the company is in advanced negotiations with KKR and Apollo Global Management along with Abu Dhabi’s sovereign wealth fund ADIA and Canadian pension giant PSP Investments to sell a controlling stake in its Hyderabad airport.
However, the company later denied selling controlling stake in Hyderabad Airport but added that it is exploring opportunities to raise funds. At 12.22 pm, shares of GMR Infra was trading 1.25 per cent up at Rs 12.92. The scrip opened at Rs 13.03 and has touched a high and low of Rs 13.25 and Rs 12.83, respectively, in trade so far. Later, the scrip settled the day 0.31 per cent up at Rs 12.80.
In a BSE filing, the company said, “We completely deny sale of controlling stake in Hyderabad Airport. We wish to submit that GMR Group has been continuously exploring opportunities to raise necessary funds for the group.”
For the quarter ended March 31, 2016, GMR Infrastructure reported a consolidated net loss of Rs 953.5 crore as against a net loss of Rs 891.9 crore in the corresponding quarter a year ago.