NEW DELHI:
GVK
Airport Holdings Limited (GVKAHL) will increase its stake in Mumbai Airport to 74%, from existing 50.5%.
The airport subsidiary of GVK Power & Infrastructure Limited informed
BSE on Friday that it will acquire 12 crore equity shares of Mumbai International Airport Limited (MIAL), “constituting 10% of the total paid-up share capital of
MIAL
, from
ACSA
at Rs 77 per share.”
“Upon completion of this 10% acquisition from ACSA (Airports Company South Africa) along with the earlier acquisition of 13.5% from Bidvest, the equity shareholding of GVK Group will increase to 74% from the existing 50.5% of the total paid-up share capital of MIAL,” it said in the regulatory filing.
Last month, GVK had decided to acquire Bid Services Division Mauritius Ltd’s (Bidvest) 16.20 crore equity shares at the same rate of Rs 77 per share in a Rs 1,247.4 crore deal. MIAL is a JV between GVK (50.5%), Airports Authority of India (26%), Bidvest (13.5%) and ACSA (10%). Adani Enterprises was reportedly eying the stake of Bidvest and ACSA to make a bid for this prestigious project.
Once GVK acquires stakes of ACSA and Bidvest, its only other partner in MIAL will be
AAI
.
The move comes at a time when MIAL also has to raise funds for developing the greenfield
Navi Mumbai International Airport
.