Saturday, February 23, 2019

GVK plans to buy Bidvest, ACSA's stake in Mumbai airport consortium

Mumbai: GVK Power and Infra Saturday said its airports company plans to buy partner Bidvest’s stake in a consortium that runs the Mumbai airport and has the bid to develop the city’s second airport in Navi Mumbai.
A senior executive said the conglomerate also plans to buy an additional 10% stake in MIAL from Airports Company South Africa. He didn't elaborate on how the transaction would be funded.
“In terms of the Regulation 30 of the SEBI (LODR) Regulations 2015 (As amended), we would like to bring to your notice that GVK Airport Holdings Limited (“GVKAHL”), a step down subsidiary of GVK Power & Infrastructure Limited, has exercised its right, under “Right of First Refusal” in terms of the Shareholders Agreement dated 4th April, 2006, subject to certain terms and conditions, as may be mutually agreed, regulatory and other approvals and also in accordance with the various contractual agreements between GVKAHL and Bid Services Division (Mauritius) Limited (“Bidvest”), to acquire 16,20,00,000 equity shares of Mumbai International Airport Limited (“MIAL”), constituting 13.5% of the total paid-up share capital of MIAL, from Bidvest at the rate of Rs.77 per share,” it said in an exchange filing.
“Upon completion of this acquisition, equity shareholding of the GVK Group will increase to 64% from the existing 50.5% of the total paid-up share capital of MIAL,” it added.
Buying ACSA's stake would take GVK's stake to 74%, leaving 26% with the state run Airports Authority of India.
23/02/19 Anirban Chowdhury/Economic Times
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