Shares of GMR Infrastructure fell as much as 6.05 per cent on Tuesday as a consortium of lenders of the GMR Infrastructure-promoted GMR Chattisgarh Energy Ltd may divest their stake inducting a suitor as per the strategic debt restructuring process.
After opening slightly higher at Rs 22.65 against the previous close of Rs 22.30, the scrip touched an intraday high of Rs 22.85 and a low of Rs 20.95. In terms of equity volume, 73.92 lakh exchanged hands on the BSE. The company shares ended the session down by 2.91 per cent at Rs 21.65.
GMR Chhattisgarh Energy, which had completed its 1,370-MW thermal power project in March 2016, had taken to the strategic debt restructuring process. As per the guidelines for SDR, lenders need to divest their shares in the company to a new promoter within the stipulated timeline of 18 months from the reference date of SDR. Accordingly, lenders headed by Axis Bank are likely to divest stake in the company.