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Journalism of Courage
GVK Power and Infrastructure (GVKPIL) said that its step-down subsidiary, GVK Airport Holdings, has exercised its right, under right of first refusal, in terms of the shareholders agreement to acquire 12 crore equity shares of Mumbai International Airport (MIAL), constituting 10 per cent of the total paid-up share capital of MIAL from ACSA Global.
The company acquired 10 per cent stake at the rate of Rs 77 per share, which amounts to about Rs 924 crore.
Upon completion of this 10 per cent acquisition, along with the earlier acquisition of 13.5 per cent stake from Bidvest, the equity shareholding of GVK group will rise to 74 per cent from the existing 50.5 per cent in MIAL, GVK said in a filing to the stock exchange.
With this, the company will acquire Airports Company South Africa Global’s (ACSA) entire stake in MIAL.
In February, GVK Airport had acquired a 13.5 per cent stake in MIAL from Bidvest for Rs 1,247 crore ($175 million).
MIAL is a public-private joint venture between GVK, Bidvest, ACSA and Airport Authority of India.
(With inputs from FE)
