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GMR Energy allots 30 percent stake in TNB

Friday, 04 Nov 2016
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GMR Infrastructure's (GIL) subsidiary company, GMR Energy (GEL) has allotted 30 percent stakes to electricity utility, Tenaga Nasional Berhad, Malaysia (TNB) on 4 November, 2016.

The stakes were allotted for a cash consideration of USD 300 million, implying equity value of USD one billion.

The deal will help GMR Energy strengthen its balance sheet by reducing debt. The strategic partnership of both the companies was announced in May 2016.

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