GMR Power and Urban Infra moves higher on acquiring 100% stake in GMR Consulting Services
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GMR Power and Urban Infra is currently trading at Rs. 31.76, up by 1.15 points or 3.76% from its previous closing of Rs. 30.61 on the BSE.
The scrip opened at Rs. 31.25 and has touched a high and low of Rs. 32.14 and Rs. 31.06 respectively. So far 442877 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 48.60 on 20-Sep-2023 and a 52 week low of Rs. 14.32 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 32.78 and Rs. 30.40 respectively. The current market cap of the company is Rs. 1898.30 crore.
The promoters holding in the company stood at 59.83%, while Institutions and Non-Institutions held 16.61% and 23.56% respectively.
GMR Power and Urban Infra has acquired 100% stake in GMR Consulting Services (GCSL) from GMR Energy (GEL) a subsidiary company. While GCSL is already a step down subsidiary of the Company, the proposed acquisition would make it a wholly owned subsidiary of the Company.
GCSL was incorporated on February 8, 2008 as a wholly owned subsidiary of GEL in India with the objective to provide consultancy services to companies engaged in Power Projects. GCSL is currently not engaged in active business and as such no significant revenue in last three years.
GMR Power and Urban Infra, a subsidiary of GEPL holds expertise in the sectors of energy, urban infrastructure and transportation.
