GMR wants to demerge airport arm; seeks lenders' nod

GMR Infrastructure which operates the New Delhi international airport and the Hyderabad international airport has sought the approval of its lenders to demerge its airports arm and list it separately, according to a tweet by CNBC TV18.

CNBC TV18 said quoting sources that GMR was likely to demerge its airports arm and list it separately. IT was looking at an equity valuation close to Rs 20,000 crore for the arm. 

Sources Tell @PoddarNisha: GMR Likely To Demerge Airports Arm & List It Separately. GMR Looking At Eq Valuation Close To Rs 20000 Cr For Arm pic.twitter.com/nno78h9O1d

— CNBC-TV18 (@CNBCTV18Live) February 20, 2017

Sources Tell @PoddarNisha: GMR Asks For Lenders’ Permission For Demerger Of Airports Arm. Demerger For Value Unlocking & Debt Reduction. pic.twitter.com/w29pyx1nb6

— CNBC-TV18 (@CNBCTV18Live) February 20, 2017

According to the same unnamed sources, the demerge will be done to unlock value and to cut debt. 

GMR which runs the Indira Gandhi International Airport in New Delhi and the Rajiv Gandhi International Airport in Hyderabad recently lost out to GVK to build the new Navi Mumbai airport. This would be the second airport in the country's financial capital. 

On the BSE, the company's shares were trading at Rs 15.49 apiece, up Rs 1.10 or 7.64% from previous close.