GMR Infrastructure is knocking on the doors of new financiers to buy out impatient investors in its airports holding company. The holding company, GMR Airports Ltd, plans to raise Rs 2,500 crore, valuing the business at Rs 9,500-10,000 crore. The proposed transaction is intended to provide an exit to existing investors with whom its relationship had turned fractious in recent months over payment delays and subsequent legal entanglements.
GMR has mandated Credit Suisse to find potential partners as its initial public offer (IPO) plans for the airport business has not taken off in the backdrop of lacklustre investor demand for Indian infrastructure assets. The Bengaluru-based group is also open to diluting up to 49 per cent of equity in the airport vertical to a strategic buyer, multiple sources with knowledge of the matter told ET.GMR currently holds 54 per cent in the Delhi International Airport (DIAL) and 63 per cent in the GMR Hyderabad International Airport (GHIAL). It also owns 40 per cent in Philippines' $670-million Mactan-Cebu International Airport modernisation project.
07/10/15 Economic Times
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GMR has mandated Credit Suisse to find potential partners as its initial public offer (IPO) plans for the airport business has not taken off in the backdrop of lacklustre investor demand for Indian infrastructure assets. The Bengaluru-based group is also open to diluting up to 49 per cent of equity in the airport vertical to a strategic buyer, multiple sources with knowledge of the matter told ET.GMR currently holds 54 per cent in the Delhi International Airport (DIAL) and 63 per cent in the GMR Hyderabad International Airport (GHIAL). It also owns 40 per cent in Philippines' $670-million Mactan-Cebu International Airport modernisation project.
07/10/15 Economic Times
