GMR Infra shares surge 5% on company’s demerger ex-date, record date tomorrow

Shares of GMR Infrastructure were trading with gains of nearly 5 per cent on the BSE on the company’s demerger ex-date on Tuesday, January 11, 2022.  

At 10.20 am, GMR Infrastructure stocks surged 4.94% or Rs 2.15 to Rs 45.65 per share in Tuesday's intraday trade.  

Apparently, the demerger of the company has led to the creation of a new entity called GMR Power and Urban Infra Limited from the existing GMR Infrastructure Limited. 

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In the demerger, existing shareholders of GMR Infrastructure will receive 1 equity share of Rs. 5 /-(Face value) each of GMR Power and Urban Infra Limited for holding 10 equity shares of Rs.1/- (Face value) share of each GMR Infrastructure Limited. 

The Board of Directors of the company have fixed 12th January 2022 as the record date for the purpose of determining the shareholders of the Company (BSE Filing) who shall be entitled to receive 1 equity share of INR 5/-each of GMR Power and Urban Infra Limited (GPUIL) for every 10 equity shares of INR 1 /-each held by them in the company, as per the scheme. 

Brokerage JM Financial has recommend to hold this counter. "Demerger of the airport and non-airport businesses will position GMRI as a unique pure play in the airports business, while allowing GPUIL to independently chart out its growth path. We maintain our HOLD rating." said JM Financial report. 

Earlier, GMR Infrastructure derivative contracts (Futures and Options) for January-February-March expired on Monday. The new contracts will start trading from Tuesday morning from 10 am onwards, as per the NSE circular.   

"The expiry of contracts was on Monday because the ex-date of the company’s demerger announced in December is on Tuesday, January 11, 2022 and the record date is on Wednesday, January 12, 2022," said Varun Dubey, Senior research analyst at Zee Business. GMR Power is expected to be listed somewhere in February, the analyst had said on Monday. 

Earlier on Monday, shares of airport services company GMR Infrastructure jumped as much as 7 per cent to Rs 49 per share on the BSE. Shares of GMR infra have hit 52-week high value of Rs 49.15 per share on the BSE on January 5, 2022.  

GMR Infrastructure is the flagship entity of GMR Group with presence across Airports, Energy, Transportation & Urban Infrastructure. The company operates Delhi & Hyderabad airports, which handle around 25- 27% of all India PAX traffic.