GMREstate Management Plans Acquisition of Shares in GMR Power and Urban Infra Limited
GMREstate Management Private Limited has initiated a proposed acquisition of equity shares in GMR Power and Urban Infra Limited. The acquisition is planned through off-market transactions and is intended as part of an internal restructuring process.The acquiring entity, GMREstate Management Private Limited (formerly Kondampeta Properties Private Limited), aims to acquire up to 7,46,00,000 equity shares of GMR Power and Urban Infra Limited. This proposed acquisition represents up to 9.55% of the total share capital of the target company.
The shares are planned to be acquired from GMREnterprises Private Limited, which is noted as a promoter of the Target Company. The transaction is anticipated anytime after four working days from the date of this intimation. Regarding valuation, the shares will be acquired at a price not exceeding the limits specified in proviso (i) to Regulation 10(1)(a).
The acquisition qualifies for exemption from an open offer requirement under Regulation 10(1)(a)(iii) of the SEBI SAST Regulations. In terms of market valuation, the volume weighted average market price for GMR Power and Urban Infra Limited over a period of 60 trading days preceding the notice date was reported as Rs 107.48 per share.
Transaction Details Overview
A review of shareholder data shows that GMREstate Management Private Limited is not currently a promoter of GMR Power and Urban Infra Limited, but its status falls under the Promoter group because it is a wholly owned subsidiary of GMR Enterprises Private Limited, which is a promoter of the Target Company.The following table outlines key details related to the proposed acquisition:
| Parameter | Details |
|---|---|
| Target Company | GMR Power and Urban Infra Limited |
| Acquirer | GMREstate Management Private Limited |
| Seller | GMREnterprises Private Limited (Promoter of the TC) |
| Proposed Shares Acquired | Up to 7,46,00,000 equity shares |
| Percentage of Capital | Up to 9.55% |
| Rationale | Internal restructuring |
| Market Price (60 days) | Rs 107.48 per share |
Stock Price Movement
As of 15:02, GMR Power and Urban Infra Ltd's shares are ticking down by 1.10%, trading at ₹108.15.The equity has moved through an intraday range, hitting a high of ₹110.70 and touching a low of ₹107.80.
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