GMR Power stock jumps 5% on additional stake acquisition in GMR Energy

In the past one month, the stock of this power and infrastructure development company has surged 22 percent as against 0.8 percent rise in the benchmark Sensex

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Shares of GMR Power and Urban Infrastructure rallied 5 percent to Rs 42 per share on November 22 after the company acquired an additional 29.2 percent stake in subsidiary – GMR Energy. The S&P BSE Sensex was trading mildly in green at 66,011 levels, as of 9:50 am.

In the past month, the stock of this power and infrastructure development company has surged 22 percent as against a 0.8 percent rise in the benchmark Sensex.

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In an exchange filing dated November 22, the current acquisition consolidates the existing stake of GMR Power in GMR Energy from 57.7 percent, held by itself and its subsidiaries, to about 86.9 percent.

“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 the GMR Power, which till now was being done on an equity method or joint venture accounting,” the company stated.

GMR Energy was incorporated on October 10, 1996, and is engaged in the business of development, operation, and maintenance of power projects, power generation, transmission, distribution, and trading of electricity, through its subsidiaries.

Other than the direct and indirect shareholding of these entities in GMR Energy, there is no other interest the promoters or promoter group have in GMR Energy or in the transaction, the company further added.

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In the September-ended quarter (Q2FY24), GMR Power’s sales dropped by 60 percent on-year to Rs 627 crore. Operating profit, however, rose 89 percent on-year to Rs 108 crore in Q2FY24.

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