| GMR Airports (GAL) along with its Affiliate ( GAL and Affiliate referred
as GMR Group), subsidiaries of GMR Airports Infrastructure (the Company) have entered into a Share Purchase Agreement (“SPA”) with Malaysia Airports Holding Berhad (MAHB) and MAHB's wholly
owned subsidiary, MAHB (Mauritius) (MAMPL) (MAHB and MAMPL collectively referred to as MAHB Group), towards acquisition by GMR Group from the MAHB Group, of their current minority 11% equity stake in GMR Hyderabad International Airport (GHIAL), a step down subsidiary of the Company. The said acquisition would be for a negotiated aggregate consideration of USD 100 million.
GAL currently holds 63% of the paid-up capital of GHIAL and post the proposed acquisition, its stake in GHIAL would increase to 74%. Government of Telangana (GoT) and the Airports Authority of India (AAI) hold 13% each in the equity stake of GHIAL.
The transaction, subject to the customary closing conditions is expected to be concluded within a maximum of 135 days from the date of execution of the said SPA. |