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GVK Airport Holdings Ltd has acquired an additional 13.5 per cent stake in Mumbai International Airport Ltd (MIAL), for nearly Rs 1,250 crore, the company said in a regulatory filing.
GVK Airport Holdings, a subsidiary of GVK Power and Infrastructure Ltd, has acquired 16.2 crore shares from Bid Services Division (Mauritius) Limited (Bidvest). On completion of this deal, its stake in MIAL will increase to 64 per cent from 50.5 per cent earlier. The company has exercised its “Right of First Refusal” to increase its stake in MIAL, according to a regulatory filing.
GVK Airport Holdings Ltd, has exercised its right under “Right of First Refusal” to acquire 16,20,00,000 equity shares of MIAL, constituting 13.5 per cent of the total paid-up share capital of MIAL, from Bidvest at the rate of Rs 77 per share. The cost of acquiring additional stake is Rs 1,247.4 crore.
“Upon completion of this acquisition, equity shareholding of the GVK Group will increase to 64 per cent from the existing 50.5 per cent of the total paid-up share capital of MIAL,” it added.
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