India's power and infrastructure Company, GVK Power and Infrastructure saw it share price shoot up after announcement of plans to buy stake in BIAL. The stake buying will be done by taking over Siemen's 40 per cent stake.

After this it will have majority stake in Bangalore International Airport.

At present, GVK holds 29 per cent holdings. Talking to media, GVK Group's chairman, GV Krishna Reddy said that he is ready to buy stake from Siemens if and when it is ready to sell. However, GVK will be having the first right of refusal.

It has quoted its price at rupees 105 per share. GVK had earlier bought stake from L&T's 17 per cent stake and had paid rupees 686 crore for it.

The company has also bought stake in Zurich Airport's stake for Rs 484.60 crore last year.

Meanwhile, it is said that the current value of BIAL is rupees 5000-6000 crore.

Siemens' lock-in period ends in 2015, but it can dilute 14% in June 2011 and a further 26% in 2015.

After the announcement, shares rose 3.41 per cent at 1:37 PM.