June 5, 2017 / 4:16 AM / 2 months ago

BUZZ-India's GVK Power rises; to sell 10 pct stake in airport operator

1 Min Read

** GVK Power and Infrastructure's shares rise as much as 4.2 pct

** Company said on Friday it will sell its 10 pct residual stake in Bangalore International Airport Ltd (BIAL) in southern India to Fairfax India Holdings Corp for 12.90 billion rupees ($200.53 million)

** Toronto-listed Fairfax India said it will own combined 48 pct interest in BIAL on deal completion

** Proceeds to be used for reducing GVK's debt obligations

** Stock has gained 10.2 pct this year as of Friday's close ($1 = 64.3300 Indian rupees)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below