India: March 25, 2015: GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, on March 24, 2015 entered into an agreement to acquire 24,50,00,000 shares of face value of Rs.10 each, representing 10% equity stake in Delhi International Airport Private Limited (DIAL) from Malaysia Airports (Mauritius) Private Limited (Malaysia Airports) for a consideration of USD 79 million. DIAL is a special purpose vehicle formed to carry out development, operation and management of Indira Gandhi International Airport, Delhi (Delhi Airport).
Commenting on the development Mr. Sidharath Kapur, President and Chief Financial Officer-GMR Airports Limited (GAL) said, “We have a long relationship with Malaysian Airport Holdings Berhad in our airport business. The acquisition has largely been precipitated by the desire of MAHB to exit and our intent of consolidation of stake in the prime airport of India. The acquisition is subject to approval of Airports Authority of India (AAI) and other customary approvals.”
GAL currently holds 54% equity stake in DIAL and post proposed acquisition of the entire stake of Malaysia Airports, the stake will increase to 64%.
GAL currently holds 54% equity stake in DIAL and post proposed acquisition of the entire stake of Malaysia Airports, the stake will increase to 64%.
About GMR Infrastructure Limited:
GMR Infrastructure Ltd is a Bangalore headquartered Infrastructure group with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 15 Power generation assets of which 8 are operational and 7 are under various stages of development. In the Highways sector the Group is operating 9 assets (including 2 in which the Group holds minority interest) across the country. In the Airports sector, the Company operates India’s busiest airport, the Indira Gandhi International Airport in New Delhi, where it has built a brand new integrated terminal T3. It has also developed and commissioned the Greenfield international airport at Hyderabad as a gateway to south and central India. The Group has taken over the Mactan-Cebu International Airport project in the Philippines for renovation, operation and maintenance with a concession period of 25 years. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which carries out work in 24 locations.
GMR Infrastructure Limited is proposing, subject to market conditions and other considerations, a rights issue of its equity shares and has filed a Draft Letter of Offer with SEBI and the Stock Exchanges. The DraftLetter of Offer is available on the website of SEBI atwww.sebi.gov.inand the website of the Lead Managers at www.jmfl.com, www.axiscapital.co.in,www.icicisecurities.comand www.sbicaps.com. Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to the section titled “Risk Factors” of the Draft Letter of Offer for details of the same.
About DIAL:
Delhi International Airport (P) Ltd (DIAL) is a joint venture company; comprising the GMR Group, Airports Authority of India, Fraport and Malaysia Airports Holdings Berhad. The project being developed by DIAL under Public Private Partnership has been given the mandate to finance, design, build, operate and maintain the Delhi Airport for 30 years with an option to extend it by another 30 years.
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