GVK to acquire 12 crore shares in MIAL

Following the completion of the 10 per cent stake purchase from ACSA along with the earlier purchase of 13.5 per cent from Bidvest, GVK Group's shareholding in MIAL will go up to 74 per cent from the existing 50.5 per cent

By Author  |  Business Bureau  |  Published: 22nd Mar 2019  9:33 pm

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

Following the completion of the 10 per cent stake purchase from ACSA along with the earlier purchase of 13.5 per cent from Bidvest, GVK Group’s shareholding in MIAL will go up to 74 per cent from the existing 50.5 per cent, GVK said.

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