GMR Power and Urban Infrastructure witnessed a noteworthy surge of 5 percent, reaching Rs 42 per share on November 22, fueled by the company’s acquisition of an additional 29.2 percent stake in its subsidiary, GMR Energy.
In a filing with the exchange dated November 22, the latest acquisition solidifies GMR Power’s existing stake in GMR Energy. The ownership stake, previously at 57.7 percent, inclusive of its subsidiaries, now stands at an impressive 86.9 percent.
The company communicated, “With this complete buy-out of Tenaga stake, the Shareholders Agreement (SHA) with Tenaga stands terminated, thereby enabling full consolidation of revenues and earnings of GMR Energy with GMR Power, which till now was being done on an equity method or joint venture accounting.”
Established on October 10, 1996, GMR Energy is actively involved in the development, operation, and maintenance of power projects. Its scope extends to power generation, transmission, distribution, and the trading of electricity, facilitated through its subsidiaries.
As of 10:50 am, the shares demonstrated a steady performance, trading flat at ₹39.80.
