DIAL, a subsidiary of GMR Infrastructure, has announced its withdrawal from the cargo service operations at Delhi airport.
GMR Infrastructure is selling its entire 26% stake in a cargo handling joint venture at Indira Gandhi International airport to India Infrastructure Fund for Rs 29 crore. On February 20 DIAL agreed to sell its holding of 1.09 crore equity shares (of a face value of Rs 10 each) for Rs 26.20 per share, totalling of Rs 28.60 crore. A GMR Infrastructure regulatory filing to Bombay Stock Exchange said that the completion of the sale is subject to the fulfilment of certain criteria.
Following the announcement, shares of GMR Infrastructure rose 1.08% and were trading at Rs 18.70 on the BSE.
