Gammon Infra shares advanced over 5 per cent to hit an intraday high of Rs 8.80 after the company on sought nod from its shareholders for divesting projects.
Gammon Infra plans to divest stake in Aparna Infraenergy India Private Limited, Sikkim Hydro Power Ventures Limited, Pravara Renewable Energy Limited, Andhra Expressway Limited, Rajahmundry Expressway Limited, Kosi Bridge Infrastructure, Company Limited, Gorakhpur Infrastructure Company Limited, Mumbai Nasik Expressway Limited and Vijayawada Gundugolanu Road Project Private Limited.
Gammon Infra had earlier on August 29 informed the Bombay Stock Exchange that it had signed an agreement with a consortium, BIF India Holdings, for divesting six road projects and three power projects.
The company had earlier said that the asset sale to BIF India Holdings will bring down its debt to Rs 2,229 crore from Rs 3,947 crore.
The shares of Gammon Infrastructure Projects ended 2.87 per cent higher at Rs 8.60.
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