Mumbai: GVK Airport Services, which operates Mumbai and Bangalore international airports, has short-listed five bidders to sell up to 49% for raising Rs 4,000 crore. The bidders, which include German airport operator AviAlliance, are likely to submit binding offers by January-end, people directly familiar with the matter said.
GVK Airport, a fully owned subsidiary of the listed GVK Power & Infrastructure, has mandated Bank of America Merrill Lynch and Goldman Sachs for the private placement of shares. If the deal goes through, the company will drop its much talked about initial public offer (IPO) plans. GVK Airport plans to retire the entire Rs 3,600-crore debt following the stake sale. GVK is expecting pre-money enterprise valuation of Rs 8,800 crore, sources added.
"The shortlisted bidders include strategic investors, sovereign wealth managers and private equity funds," one of the sources cited earlier in the report said. Germany's AviAlliance, which is owned by Canadian pension fund PSP Investments, holds shares in the airports of Athens, Budapest, Dusseldorf, Hamburg and Tirana, besides operating the Sydney airport.
16/12/15 Boby Kurian & Reeba Zachariah/The Times Of India
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GVK Airport, a fully owned subsidiary of the listed GVK Power & Infrastructure, has mandated Bank of America Merrill Lynch and Goldman Sachs for the private placement of shares. If the deal goes through, the company will drop its much talked about initial public offer (IPO) plans. GVK Airport plans to retire the entire Rs 3,600-crore debt following the stake sale. GVK is expecting pre-money enterprise valuation of Rs 8,800 crore, sources added.
"The shortlisted bidders include strategic investors, sovereign wealth managers and private equity funds," one of the sources cited earlier in the report said. Germany's AviAlliance, which is owned by Canadian pension fund PSP Investments, holds shares in the airports of Athens, Budapest, Dusseldorf, Hamburg and Tirana, besides operating the Sydney airport.
16/12/15 Boby Kurian & Reeba Zachariah/The Times Of India