GMR Airports Shares Hit Life High As GQG Partners Buys 4.7% Stake
The U.S.-based investment firm bought 28.28 crore shares in the airport operator.
![<div class="paragraphs"><p>Interior view of Rajiv Gandhi International Airport, Hyderabad GMR. (Source: Vijay Sartape /BQ Prime).</p></div>](https://media.assettype.com/bloombergquint%2F2023-07%2F56924615-976a-4813-9819-b5782a178d54%2FInterior_view_of_Rajiv_Gandhi_International_Airport__Hyderabad_GMR__Source_Vijay_Sartape_BQ_Prime__2.jpeg?rect=0%2C161%2C1600%2C900&auto=format%2Ccompress&w=200)
Shares of GMR Airports Infrastructure Ltd. hit a lifetime high on Monday after Rajiv Jain-backed GQG Partners bought 4.7% stake in the company for Rs 1,671 crore, following divestment by two key investors.
The U.S.-based investment firm, through two funds—GQG Partners Emerging Markets Equity Fund and Goldman Sachs-GQG Partners International Opportunities Fund—bought 28.28 crore shares in the airport operator, according to bulk deal data available on BSE.
U.K.-based ASN Investments Ltd. exited GMR Airports by offloading its entire 7.27% stake for Rs 2,555 crore. The shares were sold at Rs 58.21 apiece. Varanium India Opportunity Ltd. also divested its entire 2.3% shareholding for Rs 812.7 crore.
![GMR Airports Shares Hit Life High As GQG Partners Buys 4.7% Stake](https://media.assettype.com/bloombergquint%2F2023-12%2Fea6ada40-a725-4586-9c69-a496ddc749b2%2FGMRINFRA.png?auto=format%2Ccompress)
Shares of GMR Airports rose as much as 5%, before paring gains to trade 2.7% higher at 10:05 a.m. compared to a 0.11% advance in the NSE Nifty 50.
The stock has risen 78.49% year-to-date. The total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 82.02.
Of the two analysts tracking the company, one maintains a 'buy' rating and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 16.9%.