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

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. [caption id=“attachment_4478895” align=“alignleft” width=“380”] Representational image. AFP.[/caption] 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.