MUMBAI: GVK Power & Infrastructure locked at an upper circuit limit of 20 per cent as soon as the opening bell rang. The stock witnessed brisk buying following reports that the company is all set to file a draft prospectus for a $250 million (Rs 1550 crore) IPO of its airport unit.
According to sources, the firm has mandated Citigroup, Bank of America-Merrill Lynch, Axis Capital and JM Financial Services as managers for the issue.
The proceeds will help the company to make its balance sheet leaner and also expand some of the non-aviation infrastructure at its Mumbai and Bengaluru airports.
"I can't tell you the timing for sure, but we are working to file for the GVK Airport's IPO ASAP (as soon as possible)," said one of the sources to Reuters.
The stock has been in action of late following spate of good news including approval of pooling of imported gas. This is likely to benefit the company's power plants.
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