The shares of this leading power and infrastructure development services provider gained up to 5 percent after the company entered into a binding agreement with Claymore Investments (Mauritius) Pte. Ltd. (“Claymore”) to acquire equity shares of GMR Energy Limited.
With a market capitalization of Rs 3,124.21 crore, the shares of GMR Power & Urban Infra Ltd were trading at Rs 51.95 per share, increasing around 3.47 percent as compared to the previous closing of Rs 50.21 apiece.
According to the company filing, GMR Power & Urban Infra Ltd has entered into a binding agreement with Claymore Investments (Mauritius) Pte. Ltd. for the acquisition of 42.04 crore Equity Shares of GMR Energy Limited(“GEL”) which represents 11.66 percent of the equity share capital of GMR Energy Ltd from Claymore at a negotiated settlement price of Rs. 442 Crores.
Furthermore, the Transaction will consolidate the Company’s existing interest in GEL to approximately 99.08%, with the entire buyout of Claymore’s shareholding.
Looking into GMR Power & Urban Infra Ltd’s financials, the revenue increased by 75 percent, from Rs 627 crore in Q2FY24 to Rs 1,103 crore in Q3FY24. During the same period, net profit increased by 134 percent from a loss of Rs 123 crore to a loss of Rs 43 crore.
The stock gained 141.49 percent in six months and 179.95 percent in a year. Investing Rs 1 lakh in the organization produces Rs 2.79 lakh per year.
On November 21, 2023, the business got a project for the installation, integration, and maintenance of 75.69 lakh prepaid smart meters spread throughout 22 districts of Uttar Pradesh over 10 years, with a total contract value of Rs 7,593 crore (inclusive of GST).
GMR Power and Urban Infra Limited is an Indian firm that operates largely in the energy, urban infrastructure, and transportation sectors. The company’s segments include Power, Roads, Engineering, Procurement, and Construction (EPC), and Others. The electricity division covers electricity generation, power transmission, mining and exploration, and the supply of associated services.
Written by:- Abhishek Singh
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