GVK Power jumps on news airport unit IPO likely

GVK Power jumps on news airport unit IPO likely

Mumbai: Shares in GVK Power and Infrastructure Ltd gained as much as 13% in early trading on Tuesday, after Reuters on Monday reported the company is likely to file for an up to $250 million initial public offering (IPO) of its airport unit soon.

GVK has mandated Citigroup Inc., Bank of America-Merrill Lynch, Axis Capital Holdings Ltd and JM Financial Services Pvt. Ltd to manage the IPO, sources said.

The stock is heading towards its biggest daily gain since 19 May 2014.