At 11:52 am, GVK Power & Infrastructure shares were trading at its day high of Rs 8.05, up 6.62 per cent, outperforming the broader Nifty and the Sensex which were up around 0.07 per cent.
GVK Power & Infrastructure on Thursday said it had acquired 100 per cent stake in GVK Airport Services, which operates the Mumbai and Bengaluru international airports.
"The company has acquired 100 per cent equity share capital of GVK Airport Services Pvt Ltd on June 04, 2015 (10,000 equity share of Rs 10 each). As a result, GVK Airport Services has become a wholly owned subsidiary of the company," GVK Power & Infrastructure said in a regulatory filing.
GVK's Mumbai International Airport Pvt Ltd (MIAL) is a Public Private Partnership (PPP) 74:26 joint venture between GVK-led consortium and Airports Authority of India (AAI).
Bangalore International Airport Ltd (BIAL) is a joint venture where a GVK-led consortium is the majority partner and state-owned airport operator AAI and Karnataka Government have 13 per cent stake each.
GVK Power and Infrastructure reported a net loss for the fourth quarter of 2014-15 at Rs 109 crore against Rs 235 crore in the same quarter of 2013-14, making it the 14th straight quarter that the Hyderabad-based infra major ran up losses.
The total income increased to Rs 865.5 crore for the quarter, against Rs 716 crore a year ago.
Its airport segment made Rs 219 crore profit during the quarter against Rs 5.5 crore loss in the same quarter of the previous year, GVK said, adding that the income from the segment rose to Rs 663 crore in Q4 of 2014-15 against Rs 537 crore a year earlier.
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