GVK to raise $200 mn through stake sale in unit

GVK to raise $200 mn through stake sale in unit

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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