GVK Power Shares Gain on Asset Sale Plans

Shares in GVK Power and Infrastructure gained ground on Friday after the company said it is exploring options to reduce its debt by equity sale in some of its businesses.. GVK shares had gained sharply on Thursday also and had hit its upper circuit limit of Rs 18.45 after reports surfaced that the company was in talks with 4-5 investors to sell stake in airport business and hancock mining business in few months.. Clarifying its position with the stock exchanges, GVK said that the company was exploring various options for reducing some of its debt.. "An option that is being looked at is, raising equity at the Airport Holding Company, to retire the debt raised for the airport acquisition. The company is in discussion with a few investors in this matter," the company said.. "The company is also exploring the possibility to bring in an equity investor(s) into Hancock Infrastructure Pvt Limited, which is a holding company, for the Rail and Port Projects in Australia.". GVK, however, said the discussions were at a preliminary stage and no further details can be divulged at this stage.. As of 12:50 p.m., shares in GVK Power & Infrastructure Ltd. were trading at Rs 18.5 apiece on the BSE, up 0.54 per cent from the previous close.

GVK Power Shares Gain on Asset Sale Plans

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