GVK to raise $200 mn through stake sale in unit

GVK to raise $200 mn through stake sale in unit
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First Published: Mon, Oct 06 2008. 01 51 PM IST
Updated: Mon, Oct 06 2008. 01 51 PM IST
Reuters
Mumbai: GVK Power & Infrastructure Ltd plans to raise about $200 million by selling up to 25% stake in its unit GVK Energy, a top official told NDTV Profit television channel on Monday.
“Depending on the valuation, we are prepared to divest upto 25% stake at the GVK Energy vertical level... and what we are contemplating to raise is about $200 million,” said A. Issac George, finance director at GVK Power.
Shares of the company traded down 13.22% at Rs20.35 per share in a weak Mumbai market.
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First Published: Mon, Oct 06 2008. 01 51 PM IST