GMR Airports share price rises 2% on this acquisition update, ahead of Q4 Results, amid weak markets
Stock Market today: GMR Airports share price gained 2% during the intraday trades on Thursday, ahead of Q4 Results, on this acquisition update. Then gains were despite weak markets when S&P BSE Sensex corrected more than 1% during the intraday trades. The Check Updates
GMR Airports Ltd intimated the National Stock Exchange and the BSE or the Bombay Stock Exchange on Wednesday 21 May 2025 but after the market hours about the acquisition update. GMR Airports in its intimation wasabout Agreement to acquire equity stake in ESR GMR Logistics Park Private Limited ('EGLPPL') by GMR Hyderabad International Airport Limited ('GHIAL').
The GMR Airports in its release said that GMR Hyderabad International Airport Limited(a Subsidiary of the GMR Airport) has entered into a Share Purchase Agreement (SPA) to acquire 70% stake in its associate company, ESR GMR Logistics Park Private Limited, with other shareholders of EGLPPL. The consideration for the acquisition is up to ₹ 41.33 crores at a fair value, which has been determined by an independent valuer.
The acquisition is anticipated to be completed in a month, provided that specific precedents are met and approvals are obtained.
A 30% share in EGLPPL is currently held by GMR Hyderabad Aerotropolis Limited, a fully owned subsidiary of GHIAL. EGLPPL would become a fully owned subsidiary of GHIAL after the deal was completed.
EGLPPL, a GHIAL affiliate firm that was established on December 20, 2018, is involved in the construction of a logistics and storage park in Hyderabad.
For the fiscal years 2024, 2023, and 2022, EGLPPL's turnover was Rs. 26.77 crores, Rs. 7.35 crores, and Rs. 7.83 crores, respectively.
Meanwhile a meeting of Board of Directors of GMR Airports is scheduled on 22/05/2025 ,inter alia, to consider and approve the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended March 31, 2025.
GMR Airports shares opened at ₹ 87.50 on the BSE on Thursday. At the time of opening the GMR Airports share price was lower than the previous days closing price of ₹ 87.58 for GMR Airports shares. The GMR Airports share price however gained to intraday highs of ₹ 89.35 marking intraday gains of 2% amid weak market. The GMR Airports share price closed at 88.97 almost 1.6% higher on the BSE ahead of Q4 results to be announced soon
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
37 minutes ago
- Time of India
Kempegowda reason B'luru enjoys global recognition: Minister
Mysuru/Mandya: Nadaprabhu Kempegowda is the reason Bengaluru enjoys global recognition today, said agriculture minister and Mandya district minister N Cheluvarayaswamy. He was speaking at the inauguration of the 516th Kempegowda Jayanti celebrations held at Nalwadi Krishnaraja Wadiyar Kalamandira in Mandya. The event was jointly organised by the district administration and the department of Kannada and culture. Cheluvarayaswamy emphasised that Kempegowda, with remarkable foresight, constructed lakes and temples in Bengaluru over 500 years ago. "His vision laid the foundation for the development of not just Bengaluru but the entire Old Mysuru region," he stated, while also crediting Mysuru Maharaja Nalwadi Krishnaraja Wadiyar for his significant contributions. Highlighting the historical significance of the moment, the minister said, "In the last 100 years, the Krishna Raja Sagar (KRS) reservoir has never recorded such high-water levels in the month of June." The reservoir, he said, is currently supplying water to Mandya, Bengaluru, and the wider Old Mysuru region. He also lauded the contributions of Nalwadi Krishnaraja Wadiyar in the areas of education, healthcare, and social justice, particularly in Mandya and the Old Mysuru region. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ¡No me lo pierdo! Orange Undo "We are working to preserve and build upon his legacy," he said, announcing a Rs 100-crore plan to develop Agricultural University at Shivalli and a Rs 25-crore proposal for reviving the MySugar Factory, which is awaiting the CM's approval. Mandya MLA P Ravikumar was present. During the celebration, UPSC top rank holders MR Nikhil of Modachakanahalli and Manoj HP of Haleboodanur were felicitated, along with other achievers from various fields. Kempegowda made invaluable contribution: GTD Former minister and Chamundeshwari MLA GT Devegowda, emphasised that Kempegowda's name is eternally inscribed in Indian history for his visionary leadership and invaluable contributions to Kannadigas, especially in founding Bengaluru. Speaking at the Kempegowda Jayanti celebrations in Mysuru, organised by the district administration, department of Kannada and culture, and the Sri Kempegowda Jayanti Celebration Committee, the event honoured Kempegowda's multifaceted legacy. He lauded Kempegowda's pioneering urban vision, citing his establishment of five domed mantapas for civic administration and construction of vital lakes like Kempambudhi and Karanji to ensure sustainable water supply. Chamaraja MLA K Harish Gowda, who presided over the event, noted Kempegowda's 15th-century vision laid the foundation for the globally renowned, well-planned city of Bengaluru. Someshwaranatha Swami of Adichunchanagiri Mutt, in his address, highlighted Kempegowda's inclusive ideals and said Bengaluru, now a tech hub, reflects his dream of communal harmony and progress.
Time of India
43 minutes ago
- Time of India
Wakefit Innovations files draft papers with Sebi; seeks to raise ₹468 crore via fresh issue
NEW DELHI: Home and furnishings company Wakefit Innovations Ltd has filed preliminary papers with markets regulator Sebi , seeking its approval to raise funds through an initial public offering (IPO). The proposed IPO of the Bengaluru-based company is a combination of a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders, according to the draft red herring prospectus (DRHP) filed on Thursday. As part of the OFS, the promoters -- Ankit Garg and Chaitanya Ramalingegowda and other selling shareholders -- Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund and Paramark KB Fund I will be offloading shares. Wakefit proposes to utilise the proceeds from the fresh issue worth Rs 82 crore for setting up of 117 new COCO -- Regular Stores and one COCO -- Jumbo Store; Rs 15.4 crore towards purchase of new equipment and machinery; Rs 145 crore for expenditure for lease and sub-lease rent and license fee payments for existing stores. Additionally, Rs 108.4 crore will be used towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand and the remaining amount will be used for general corporate purposes. Also, the company may consider a Pre-IPO Placement aggregating up to Rs. 93.6 crore. If such placement is undertaken, then the fresh issue size will be reduced. Wakefit, which was incorporated in 2016 is among the fastest homegrown players in the home and furnishings market in India. It has a wide range of mattresses, furniture, and furnishings which it sells through both own channels and external channels (including various marketplaces, such as major e-commerce platforms and multi-branded outlets). It is a fullstack vertically integrated company, enabling it to control every aspect of operations, from conceptualizing, designing and engineering products to manufacturing, distributing and providing customer experience and engagement. Wakefit operates five manufacturing facilities of which two are situated in Bengaluru, Karnataka, two at Hosur, Tamil Nadu, and one at Sonipat, Haryana. Wakefit reported revenue from operations of Rs 986.3 crore in FY24. Axis Capital, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers to the issue. The equity shares of the company are proposed to be listed on the BSE and the NSE.
Time of India
an hour ago
- Time of India
Seven projects offering 1,500+ jobs get Goa IPB approval
Panaji: The Goa Investment Promotion Board (IPB) has approved seven projects that will see an investment of Rs 180 crore come into the state and create 1,508 jobs. The cleared projects include a gurukul, a cricket academy, and three manufacturing units. The largest investment comes from two Salcete-based projects. Ramesh Hotels and Resorts will expand its luxury hospitality facility at Majorda by adding 60 rooms. The Rs 65-crore expansion is expected to generate 300 jobs. 'There was a meeting last week with industry associations, and the issue of pharma companies recruiting from outside the state was discussed. This same point was brought up during the IPB meeting where the CM said that cleared projects and local industries must try and ensure that employment is given to locals,' said an official. A Rs 65-crore project by Venture Building Dreams at Loutolim proposes a cricket academy and sports complex. This facility alone is estimated to create 950 employment opportunities, the highest among the approved proposals. In the industrial sector, three manufacturing units have received the green light. Kemplast Systems will invest Rs 25 crore to set up a plant for biodegradable and compostable carry bags at the Pissurlem Industrial Estate. The project is expected to create 63 jobs. Standard Epoxy Materials will also operate out of Pissurlem, setting up a Rs 13.6 crore unit to produce epoxy and adhesives. It will employ 90 people. Another Rs 5 crore investment from Sakshi Equipments & Spares at Kundaim will focus on hose pipes, couplings, fittings, nozzles, and gaskets, generating 35 jobs. In the education and cultural sector, Siddhagiri Gurukul Trust has been granted permission on land at Latambarcem, Bicholim, for a Rs 5.5-crore gurukul that will house libraries, a museum on Sanatan Dharma, an archive, and a children's games park. The trust expects to employ 58 people. A Rs 1 crore multi-sports arena dedicated to futsal has also been approved at Camurlim. The project, by Flick and Fire Multi-Sports Arena, is expected to provide employment to 12 people. The seven projects were cleared during the hour-long meeting chaired by chief minister Pramod Sawant at the Mantralaya. 'The issue of land scarcity and the need for more industrial land to be made available was also discussed. The board discussed ways to free more industrial land for IPB projects. IPB is evolving into a forum to discuss larger aspects of Goa's economic development,' said the official.
