** GVK Power and Infrastructure's shares rise as much as 4.2 pct

** Company said on Friday it will sell its 10 pct residual stake in Bangalore International Airport Ltd (BIAL) in southern India to Fairfax India Holdings Corp for 12.90 billion rupees ($200.53 million)

** Toronto-listed Fairfax India said it will own combined 48 pct interest in BIAL on deal completion

** Proceeds to be used for reducing GVK's debt obligations

** Stock has gained 10.2 pct this year as of Friday's close ($1 = 64.3300 Indian rupees)

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