August 31, 2020 1:30:17 pm
Adani Group stocks on Monday surged up to 7.6 per cent, after the group said it will acquire GVK’s stake in Mumbai airport to become the country’s biggest private airport operator.
On BSE, Adani Green Energy jumped 7.65 per cent, Adani Ports and Special Economic Zone rose by 5.24 per cent and Adani Power 4.97 per cent.
Shares of Adani Enterprises also gained 3.22 per cent in morning trade, but later pared all the gains and were quoting nearly 2 per cent lower.
GVK Power and Infrastructure jumped 4.89 per cent to Rs 3.43 — its upper circuit limit.
Adani Group on Monday said it will acquire GVK’s stake in Mumbai airport to become the country’s biggest private airport operator, with a cumulative shareholding to 74 per cent.
According to a regulatory filing, Adani Airport Holdings Ltd (AAHL), the flagship holding company of Adani Group for its airport business, “has entered into an agreement to acquire the debt of GVK Airport Developers Ltd (ADL) in Mumbai International Airport Ltd (MIAL), which will be converted into equity stake.
This conversion would lead to Adani Group getting all of 50.5 per cent stake of GVK Group.
The group will also acquire another 23.5 per cent of minority partners, Airports Company South Africa (ACSA), and Bidvest Group.
“The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release the guarantee given by GVK Power and Infrastructure Ltd with respect to the debt acquired by it,” the company said in the filing.
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