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Gammon India up 4.4%, may sell arm Gammon Infrastructure
Shares of Gammon India gained as much as 4.4 percent intraday Friday as media report suggested that the civil construction company has initiated talks to sell its arm Gammon Infrastructure Projects (that rallied 10 percent intraday). "Gammon has already met 3-5 potential buyers, which includes strategic and financial investors, for selling the 58.6 percent held by the promoter group in Gammon Infrastructure Projects (GIPL)," said the report quoting unnamed sources. According to the report, the transaction could fetch Gammon anything between Rs 1,000 crore and Rs 1,200 crore which it plans to use to trim debt. At 10:51 hours IST, the scrip of Gammon India was quoting at Rs 35.50, up Rs 1.05, or 3.05 percent while Gammon Infrastructure Projects jumped 5.5 percent to Rs 19.90 on the BSE.
Shares of Gammon India gained as much as 4.4 percent intraday Friday as media report suggested that the civil construction company has initiated talks to sell its arm Gammon Infrastructure Projects (that rallied 10 percent intraday). "Gammon has already met 3-5 potential buyers, which includes strategic and financial investors, for selling the 58.6 percent held by the promoter group in Gammon Infrastructure Projects (GIPL)," said the report quoting unnamed sources. According to the report, the transaction could fetch Gammon anything between Rs 1,000 crore and Rs 1,200 crore which it plans to use to trim debt. At 10:51 hours IST, the scrip of Gammon India was quoting at Rs 35.50, up Rs 1.05, or 3.05 percent while Gammon Infrastructure Projects jumped 5.5 percent to Rs 19.90 on the BSE.
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