Trading begins in GMR Infra on bourses
GIL as pure-play airport biz company manages, operates airports in Delhi, Hyderabad
image for illustrative purpose
Hyderabad: After the de-merger process, trading in GMR Infrastructure Ltd (GIL) on Tuesday began on the domestic stock exchanges as a pure-play airport sector company.
GMR in a communiqué to bourses said: "GIL shares started trading today ex-GPUIL. This is post the demerger of non-airports business of GIL into GMR Power and Urban Infrastructure Limited (GPUIL). With GIL, for the first time, investors now have the opportunity to invest in the airport sector in the country."
Airports in Delhi and Hyderabad are managed and operated by GIL currently. Moreover, the company is building a new airport at Mopa in Goa and at Crete in Greece.
With the demerger, the existing shareholders of GIL will receive one equity share of Rs5 (face value) each of GPUIL for holding 10 equity shares of Rs 1 (face value) share of each GIL, the statement noted.
The demerger happened through a vertical split and resulted in listed companies – GIL and GPUIL – and mirror shareholding of the both, it added.
"All the existing shareholders of GIL will become shareholders of GPUIL in the same proportion. GPUIL's shares will start trading independently on the stock exchange in February 2022 after approvals from Sebi/ stock exchanges," it noted.
GIL had on December 23 said it has received approval from the National Company Law Tribunal (NCLT) for the restructuring plan involving the demerger of the non-airport business. GMR Infrastructure had unveiled the rejig plan on August 27, 2020, to simplify the corporate holding structure and to attract sector-specific global investors.
