Mumbai/New Delhi: GVK filed an injunction in the Delhi High Court to block South African partner Bidvest from selling its stake in Mumbai International Airport Ltd (MIAL) to a third party to preempt a possible takeover by the Adani Group, said people with knowledge of the development.
In February, GVK had said it will exercise its right of first refusal (RoFR) under the shareholders’ agreement to buy out 162 million equity shares representing 13.5% of MIAL from Bid Services Division (Mauritius) Ltd, a subsidiary of Bidvest Group Ltd.
It has time until Wednesday to complete the transaction, failing which the partner could offer the stake back to the Airports Authority of India (AAI), a 26% shareholder in MIAL. If AAI doesn’t exercise its right, as per the contract, consortium partners can sell to a third party. AAI has also received a notice from GVK and been made a party to the case. The matter was heard in the court on Tuesday and will come up next on Monday.
03/04/19 Arijit Barman/Mihir Mishra/Economic Times
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In February, GVK had said it will exercise its right of first refusal (RoFR) under the shareholders’ agreement to buy out 162 million equity shares representing 13.5% of MIAL from Bid Services Division (Mauritius) Ltd, a subsidiary of Bidvest Group Ltd.
It has time until Wednesday to complete the transaction, failing which the partner could offer the stake back to the Airports Authority of India (AAI), a 26% shareholder in MIAL. If AAI doesn’t exercise its right, as per the contract, consortium partners can sell to a third party. AAI has also received a notice from GVK and been made a party to the case. The matter was heard in the court on Tuesday and will come up next on Monday.
03/04/19 Arijit Barman/Mihir Mishra/Economic Times
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