GMR Airports shares fly high; heres everything you need to know
At around 10:12 a.m., shares of GMR Airports Infrastructure traded 2.92 per cent or Rs 2.01, higher on the BSE at Rs 70.9 apiece. The market capitalisation of the company at around the same time stood at Rs 42,794.85 crore.
GMR Airports Infrastructure Ltd shares on Monday, December 11, edged higher and clocked a 52-week high of Rs 72.3 apiece on the BSE in the early trade as multiple factors boosted buying interest in the scrip.
At around 10:12 a.m., shares of GMR Airports Infrastructure traded 2.92 per cent or Rs 2.01, higher on the BSE at Rs 70.9 apiece. The market capitalisation of the company at around the same time stood at Rs 42,794.85 crore. The stock closed 5.6 per cent or Rs 3.86 higher on BSE at Rs 72.75 apiece.
Here are some reasons that boosted the rally in the stock.
1. Bulk deals
GQG Partners, Goldman Sachs Trust, and Nomura India Investment bought stakes in the infra major.
According to BSE data, GQG Partners bought 9,26,36,787 shares at Rs 59.09 per share in the company on December 8, Goldman Sachs Trust bought 19,024,5,637 shares at Rs 59.09 apiece, and Nomura India Investment bought 6,24,85,851 shares for Rs 58.2 apiece.
2. Financing agreement for Greenfield Bhogapuram International Airport
The company, through a regulatory filing on December 9, informed that it has a concession to build and operate the Greenfield Bhogapuram International Airport and has executed a financing agreement of Rs 3,215 crore.
As per the filing, with the execution of these financing agreements, the company has tied up the necessary debt to fund this project. The overall project cost would be Rs 4,727 crore. As part of the concession provision, an amount of Rs 134.55 crore shall be reimbursed by the Andhra Pradesh Airports Development Corporation Limited (APADCL), and the remaining amount shall be funded by way of equity, CCDs, sub-debt, etc.
3. Goa airport charges
The company has hiked the aeronautical charges for Manohar International Airport, Goa, including UDF, landing charge, parking charge, etc., for the first control period from April 1, 2023, to March 31, 2028.
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