GMR Infrastructure to sell 49% stake in airport business to Tata Group entity TRIL Urban Transport

Shares of GMR Infrastructure rose over 1 percent to Rs 24.20 in afternoon trade on the BSE.

Press Trust of India January 16, 2020 12:49:48 IST
GMR Infrastructure to sell 49% stake in airport business to Tata Group entity TRIL Urban Transport
  • The diversified group had earlier announced offloading 44.44% shareholding in the airport business

  • An amended and restated shares subscription and purchase agreement and shareholders pact have been executed for the revised deal, according to the filing

  • Shares of GMR Infrastructure rose over 1% to Rs 24.20 in afternoon trade on the BSE

New Delhi: GMR Infrastructure on Thursday said it will sell 49 percent stake in airport business to Tata Group entity TRIL Urban Transport, a higher quantum than announced earlier.

GMR Infrastructure to sell 49 stake in airport business to Tata Group entity TRIL Urban Transport

Representational image. AFP.

The diversified group had earlier announced offloading 44.44 percent shareholding in the airport business.

In a regulatory filing, GMR Infrastructure said it has decided to "increase the transaction size by agreeing to divest 49 percent in GMR Airports Limited (vs previously agreed 44.44 percent) to TRIL Urban Transport Private Limited (part of TATA Group), an affiliate of GIC and SSG Capital Management... in one or more tranches".

The deal would be subject to regulatory approvals.

An amended and restated Shares Subscription and Purchase Agreement and Shareholders Agreement has been executed for the revised deal, according to the filing.

Shares of GMR Infrastructure rose over 1 percent to Rs 24.20 in afternoon trade on the BSE.

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