IL&FS to pick 10% stake in Bengal Aerotropolis

Kolkata: Infrastructure Leasing & Financial Services (IL&FS) is likely to pick up a 10% stake in Bengal Aerotropolis Project Ltd (BAPL) which is setting up 10,000-crore airport city in West Bengal. BAPL is in the process of expanding its present equity base of 170.8 crore by another 75-100 crore.
At present, Singapore's Changi Airport International (CAI) holds a 26% stake in BAPL. West Bengal Industrial Development Corporation (WBIDC) enjoys a 1.48% stake and the rest 72.52% is held by Indian promoters namely Pragati Social Infrastructure Development, Pragati 47 Development, Citystar Infrastructures Ltd and Lend Lease Company (India) Limited.
The company will be issuing fresh equity shares shortly to expand the equity base. Post-expansion, the shareholding matrix of the company will change and the holding of the present promoters will come down.
Sources said, "The board of Changi Airport International has taken the resolution not to bring down its stake in BAPL below 26%."
" Therefore, CAI will infuse extra equity to maintain 26% stake in BAPL," the aforementioned source added.
19/07/11 Sutanuka Ghosal/Economic Times

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Categories: Airports Jul 2011