GVK Power & Infrastructure, which has turned into a penny stock today, is up strong in the green, going up almost 6% at Rs.6.16.Its 52-week high is at Rs.7.70.

There is finally some money coming in which can in turn reduce its debt.

The company announced Friday after market hours that it has divested 33% of its stake in Bangalore International Airport Ltd (BIAL) from its wholly-owned subsidiary, Bangalore Airport & Infrastructure Developers Pvt Ltd, to Fairfax India Holdings Corporation.

The divestment was made through its wholly-owned subsidiary in Mauritius for Rs.2,202 crore.

Early March, the company was facing the threat of its assets being auctioned as it had defaulted on repayments and many loans were overdue. Syndicate Bank had sent a legal notice of an auction of over 2,500 acre at the GVK Perambalur Special Economic Zone (SEZ) in Tamil Nadu for recovering dues of Rs 175 crore from the promoters of GVK Power. The said auction date was for today, 27^th March.

The company is sitting on consolidated debt to the tune of a staggering Rs.32,000 crore.