Gammon Infra jumps 18% as ICICI Bank acquires nearly 18% stake in Co

Share price of Gammon Infrastructure Projects advanced 18.3 percent intraday Wednesday as private sector lender ICICI Bank acquired nearly 18 percent stake in the company through invocation of pledged shares.

ICICI Bank has acquired 168,999,900 shares of Gammon Infrastructure through pledge invocation. Accordingly, at May 14 2018 the total equity shareholding of the bank stands at 17.94 percent," company said in a BSE filing.

Prior to acquisition, the ICICI Bank holding in the Gammon Infrastructure Projects was nil, the filing added.

At 11:22 hrs Gammon Infrastructure Projects was quoting at Rs 2.38, up Rs 0.31, or 14.98 percent on the BSE.