GVK likely to sell Aussie stake to raise up to $500 mn

GVK Power and Infrastructure is looking to sell a minority holding in its Australian unit, GVK Hancock, to raise funds to retire part of its debt and fund operations, three sources with direct knowledge of the matter told Reuters.

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The Indian power and infrastructure firm hired Citigroup and Macquarie to raise funds between $300 miilion and $500 million, said the sources, who declined to be named as they were not authorised the speak before a public announcement.

A GVK spokesman said the information was speculative and declined to comment.

A Citigroup spokesman did not immediately return phone calls seeking comment, while Macquarie declined to comment.

Reuters