GMR Infra zooms 10% on board approval of restructuring of entities

GMR Infrastructure's (GIL) share price zoomed as much as 10 percent on Friday after the company's board approved to merge its non-airport business into a separate entity. The stock gained as much as 10 percent to hit its 52-week high of Rs 28.25 per share on the NSE. At 11:12 am, the shares erased all gains to trade 0.19 percent lower to Rs 25.65.

"This restructuring is a step in the right direction to unlock the value of GIL through a separate listing of both the airport business and non-airport business and simplifying the corporate holding structure," said the company's exchange filing.

Post demerger, the company will become a pure-play airport company. The filing also said that the businesses are showing signs of recovery after the lockdown impact.