GMR buys Malaysia Airports stake in GHIAL for Rs 484 cr

Hyderabad: GMR Airports, an arm of the GMR Group, on Friday announced that it has entered into an agreement with Malaysia Airports Holding Berhard (MAHB) to acquire the 11 per cent stake that the Malaysian firm holds in GMR Hyderabad International Airport Ltd (GHIAL) for $76 million (Rs 484 crore).  

In a communique to BSE, GMR Infra said it would acquire 4,15,80,000 shares of face value of Rs10 each, representing 11 per cent of equity in GHIAL from Malaysia Airports Holding and its Mauritius subsidiary. However, this is subject to regulatory approvals, said the company. 

GMR Hyderabad airport is a special purpose vehicle (SPV) and it runs the Rajiv Gandhi International Airport. GMR Airports currently holds 63 per cent stake and post-acquisition this will rise to 74 per cent.     

Of the remaining stake, 13 per cent in held by the Airports Authority of India and the rest 11 per cent by the Telangana government. According to understanding between the two parties, the price is based on the assumption that the transaction takes place on or before December 1, 2018. If the process is not achieved by December 1, 2018, the agreement will be terminated unless otherwise agreed.