GMR Airports Infrastructure share price jumps 4% to touch 52-week high on exemption from Monthly Annual Fee
GMR Airports Infrastructure share price jumped over 4% to touch a 52-week high on Monday’s session in response to few news developments. According to an exchange filing, the company stated that Delhi International Airports Limited (DAIL), a step-down subsidiary, has been exempted from paying the Monthly Annual Fee (or MAF) for the period of March 19, 2020, to February 28, 2022, after the arbitral tribunal passed its decision on January 6.
Additionally, the news of the block deal reportedly added to the positive sentiment in the shares.
GMR Airports infra share price opened at an intraday low of ₹80.15 apiece on BSE. GMR Airports share price touched an intraday high of ₹87.55 per share.
“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!
According to the exchange filing, DIAL had invoked arbitration against the Airports Authority of India (AAI) to seek certain reliefs that were entitled to it due to the Force Majeure event (Covid-19 period) under the Operation, Management, and Development Agreement dated April 4, 2006 (OMDA).
Refunds of MAF, plus interest, were mandated for DIAL’s payments to AAI from March 2020 to December 2020. From January 2021 to February 2022, DIAL has been likewise exempt from paying the MAF.
The OMDA’s term will be extended by one year and eleven months, or the time period exempted by a force majeure, said the company in an exchange filing.
(more to come)
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 08 Jan 2024, 11:17 AM IST
