Gammon India reduces stake in Gammon Infrastructure Projects

Gammon India has reduced its stake in Gammon Infrastructure Projects to less than 50 per cent. In a notification to the exchanges, the company said that following the sale of shares of GIPL by Gammon Power Ltd and Gactel Turnkey Projects Ltd (wholly owned subsidiaries of Gammon India) in various tranches through the open market, GIPL ceases to be a subsidiary of the company. Shares of Gammon India closed at ₹8.45 against the previous day's close of ₹8.40 and those of GIPL closed flat at ₹3.85 on the NSE.