Shares of GMR Airports Infrastructure skyrocketed 14% and hit a 52-week high of Rs 70.40 on 8 December after 76 crore shares changed hands via a block deal.

Around 76 crore shares of the company, amounting to 12.6% of the company’s total equity, changed hands, taking the total transaction value to Rs 4,465 crore.

GQG Partners, a global fund and a key investor in Adani Group is a likely buyer in the bulk deal.

All the buyers and sellers involved in this trade are yet to be identified.

In its quarterly report for July-September, the company’s net loss contracted to Rs 190 crore during the quarter from Rs 197 crore reported in the same quarter last year. However, the company’s total income grew by 25% year-on-year to Rs 1,607 crore for the quarter.

GMR Airports is engaged in the business of development, operation, and maintenance of airports and has a huge portfolio of assets across energy, transport, and urban infra sectors.

At 3:30 pm, the shares of GMR Airports Infrastructure closed 12.07% higher at Rs 69.15 on NSE.