GMR Airports to be funded by Macquarie SBI

Reports emerged Friday that GMR Airports Holding will receive up to $200 million, about Rs 930 crore, from Macquarie SBI Infrastructure Investment. GMR Airports Holding is the wholly owned subsidiary of GMR Infrastructure Ltd. In the deal, Macquarie SBI will invest the fund through compulsory convertible preference shares of GMR Airports holding, said the reports. As such, the preference shares will be converted into equity shares.
However, with regard to the price at the time of conversion, Macquarie SBI may be in a position to take about 39.1% stake in GMR Airports Holding, revealed the report further. Therefore, in terms of this investment funding transaction, GMR Airports will be valued at about Rs 2,400 crore. Currently, the company’s paid up capital is pegged at about Rs 340.9 crore and it owns a 9% stake in Delhi International Airport Ltd.
The report further said that GMR Airports Holding was keen on using the accrued funds from the deal for the acquisition of its parent’s (GMR Infrastructure Ltd) businesses in airports inclusive of the equity stake in Delhi International Airport Ltd and GMR Hyderabad International Airports.
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Categories: airports aug 2010