US private equity firm GQG Partners LLC increased its stake in GMR Airports Infrastructure Ltd. to over 5% this month, the airport operator said on Wednesday.
Billionaire Rajiv Jain-backed GQG acquired over 4.5 crore shares representing 0.43% equity from the secondary market on Aug. 23 for around Rs 430 crore. This resulted in the shareholding increasing from 4.74% to 5.17%, the filing said.
The acquisition was done through multiple GQG affiliates.
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The private equity firm had initially taken its shareholding in GMR Airports to 7.66% in December last year. It later trimmed its equity in July to below 5%.
GMR Airports is the only listed player in the space in India. The company can handle over 100 million passengers a year and capacity of 80 million is under development.
Shares of GMR Airports were trading 1.1% higher at Rs 96.55 apiece at 12:15 p.m., compared to a 0.27% gain in the benchmark NSE Nifty 50.
The stock has risen 59% in the last 12 months and 21% year-to-date. Total traded volume so far in the day stood at 2.9 times its 30-day average. The relative strength index was at 52.
Of the three analysts tracking the company, one maintains a 'buy' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 9.8%.
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