GVK Power shares rise on acquiring 100% stake in GVK Airport Services

GVK Power & Infrastructure shares jumped around 5 per cent on Friday  after the company informed the Bombay Stock Exchange that it has acquired 100 per cent equity share capital of GVK Airport Services on June 4, 2015 (10,000 equity shares of Rs 10 each).

As a result, GVK Airport Services has now become a wholly owned subsidiary of the company.

For the year ended March 2015, the company reported a consolidated net loss of 834.68 crore against net loss of Rs 368.68 crore last year.
At the end of March 2015, the promoters' holding in the company stood at 54.25 per cent while institutions and non-institutions held 13.80 per cent and 31.95 per cent, respectively.

GVK Power & Infrastructure is engaged in the infrastructure development in areas of power, airports and roads.

The share price of the company closed at Rs 7.94, up 4.75 per cent, against its previous close.