GMR Infrastructure shares rise 6%

Dec 03 2012, 13:55 IST
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Shares of GMR Infrastructure soared 6% on Maldives airport contract termination stay. (Reuters) Shares of GMR Infrastructure soared 6% on Maldives airport contract termination stay. (Reuters)
SummaryShares of GMR Infrastructure soared 6% on Maldives airport contract termination stay.

Shares of GMR Infrastructure surged nearly 6 per cent after the Singapore High Court today stayed the Maldives Government's decision to terminate the USD 500 million contract awarded to a consortium led by it for modernising the Male international airport.

Reacting to the move, shares of the company shot-up by 5.63 per cent to Rs 19.70 on the BSE, in an otherwise sluggish stock market.

At NSE, the stock soared 5.91 per cent to Rs 19.7.

"GMR Male International Airport Pvt Ltd (GMIAL) is pleased to advise that the High Court of Singapore has today granted injunctive relief against the applicability and operations of Letter dated November, 27 issued by the Ministry of Finance & Treasury (MoFT), Government of Male," GMR Infrastructure said in a statement here.

The move is likely to pave way for the GMR to continue operations at Ibrahim Nasir International Airport (INIA) in Maldives.

The High Court upon hearing both the parties was pleased to grant this stay in favour of GMIAL, a joint venture company comprising GMR Infrastructure (GIL), which has 77 per cent stake in it and and Malaysia Airports Holding Berhad (MAHB) with remaining 23 per cent stake.

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