GVK Group co to acquire 12 cr shares in Mumbai International Airport for Rs 924 cr

GVK Power & Infrastructure on Friday said its step-down subsidiary GVK Airport Holdings will acquire 12 crore shares of Mumbai International Airport (MIAL) for Rs 924 crore from ACSA Global

Press Trust of India March 22, 2019 15:26:38 IST
GVK Group co to acquire 12 cr shares in Mumbai International Airport for Rs 924 cr
  • 12 crore shares constitutes 10 percent of total paid-up share capital of MIAL

  • With this stake buy, GVK Group's shareholding in MIAL will increase to 74 percent from the existing 50.5 percent

  • GVK Group had purchased 13.5 percent stake from Bidvest

New Delhi: GVK Power & Infrastructure on Friday said its step-down subsidiary GVK Airport Holdings will acquire 12 crore shares of Mumbai International Airport (MIAL) for Rs 924 crore from ACSA Global.

GVK Group co to acquire 12 cr shares in Mumbai International Airport for Rs 924 cr

File image of Mumbai airport. PTI

After completion of this 10 percent stake buy from ACSA along with the earlier purchase of 13.5 percent from Bidvest, GVK Group's shareholding in MIAL will increase to 74 percent from the existing 50.5 percent, a company statement said.

"GVK Airport Holdings Ltd...has exercised it right, under Right of First Refusal in terms of the Shareholders Agreement dated 4 April, 2006....to acquire 12 crore equity shares of MIAL, constituting 10 percent of the total paid-up share capital of MIAL, from ACSA at the rate of Rs 77 per share," it added.

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