GVK Power & Infrastructure shares jump 14 per cent on likely airport unit IPO - Business Today

Abhishek Vishnoi and Indulal PM    Mumbai   Last Updated: March 31, 2015  | 10:43 IST

GVK Power & Infrastructure shares gained over 14 per cent in early trading on Tuesday, after Reuters on Monday reported the company is likely to file for an up to $250 million initial public offering (IPO) of its airport unit soon.

GVK has mandated Citigroup, Bank of America - Merrill Lynch, Axis Capital and JM Financial Services to manage the IPO, sources said.

The stock is heading towards its biggest daily gain since May 19, 2014.

At 10:00 am, shares of GVK Power & Infrastructure were trading at Rs 9.34 apiece on the Bombay Stock Exchange, up 14.32 per cent or 1.17 points.

Reflecting similar trend, the scrip was trading at Rs 9.25 on the National Stock Exchange, up 14.20 per cent or 1.15 points.

(Reuters)

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