Bangalore: GMR Infrastructure, on Wednesday said it has received Rs 1,740 crore (Euro 209 Million) as culmination of divestment of its 40 per cent equity stake in Istanbul Sabiha Gökçen Uluslararasi Havalimani Yatirim, Yapim Ve Isletme A.S ("ISG") and LGM Havalimani Isletmeleri Ticaret Ve Turizm A.S ("LGM Tourism") to Malaysian Airports Holding Berhard ("MAHB") in terms of definitive agreements signed subsequent to the exercise of Right of First Refusal by MAHB under the existing shareholders agreement of ISG, on 23 December 2013.
This is the second major divestment of overseas assets by the GMR Group in over a year. This divestment helps the group in capitalizing on equity release of Rs 1,740 crore, in addition to reducing the proportionate debt of Rs1,412 crore carried in the balance sheet as well as guarantees to an extent of Rs 2,298 crore.
Commenting on this transaction, G M Rao, Group Chairman, GMR Group said, "This transaction signifies GMR's ability and consistent delivery in finding the best value for its assets and also to execute and complete a complex, cross boarder transaction at a time when the infrastructure segment is passing through a rough phase.
30/04/14 Business Standard
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This is the second major divestment of overseas assets by the GMR Group in over a year. This divestment helps the group in capitalizing on equity release of Rs 1,740 crore, in addition to reducing the proportionate debt of Rs1,412 crore carried in the balance sheet as well as guarantees to an extent of Rs 2,298 crore.
Commenting on this transaction, G M Rao, Group Chairman, GMR Group said, "This transaction signifies GMR's ability and consistent delivery in finding the best value for its assets and also to execute and complete a complex, cross boarder transaction at a time when the infrastructure segment is passing through a rough phase.
30/04/14 Business Standard
