GMR Infrastructure shares surged over 9 per cent on Monday after the company’s subsidiary – GMR Airports (GAL) – won the international competitive bid for development and operation of Mopa Greenfield Airport in North Goa. The concession period for the Greenfield project will be 40 years with a possible extension of another 20 years via a bid process.
Reacting to the news, GMR Infrastructure stocks were trading were 2.67 per cent up at Rs 13.44. The scrip opened at Rs 14.20 and touched a high and low of Rs 14.30 and Rs 13.40, respectively, in trade so far. Later, the scrip settled 1.60 per cent up at Rs 13.30.
The airport will be built under the BOT (Build Operate Transfer) model. GMR won the bid through a closely contested competitive bid process with Airports Authority emerging as the second highest bidder followed by the consortium of Essel Infra-Incheon emerging third. The letter of award is expected to be issued within 60 days, while signing of concession agreement will be done within 45 days from the date of issuance of award letter.
The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 18.60 on 03-Dec-2015 and a 52 week low of Rs. 9.58 on 04-Sep-2015.
The promoters holding in the company stood at 61.61%, while Institutions and Non-Institutions held 27.40% and 10.99% respectively.
GMR Infrastructure is an infrastructure holding company of GMR Group. It undertakes the development of the infrastructure projects including airports, energy, highways, urban infrastructure other projects through its various subsidiaries.