GMR Infra rallies 10% on group rejig plan

Shares of GMR Infrastructure advanced as much as 9.92 per cent in Friday’s early trade after the company on Thursday unveiled a strategic group restructuring plan involving demerger of non-airport vertical business as part of efforts to simplify the corporate holding structure.

The scrip traded 9.92 per cent higher at Rs 28.25, while the benchmark BSE Sensex was up 199 points, or 0.51 per cent, higher at 39,338.

The board of GMR Infra also approved raising up to Rs 5,000 crore through issuance of securities.

The restructuring is a step in the right direction towards creating pure plays in different businesses of the group thereby attracting sector-specific global investors and unlocking value for the current shareholders of GIL, the company said in a statement.

On the other hand, the company reported a consolidated net loss of Rs 834 crore for the quarter ended June 30 against Rs 336 crore loss in the January-March period in FY20.