GMR Airports To Acquire Additional 11% Stake In Hyderabad Airport
The acquisition would be for a negotiated aggregate consideration of $100 million, which is roughly Rs 831.8 crore.
GMR Airports Ltd. will acquire an 11% stake in the company-run Hyderabad International Airport from Malaysia Airports Holding Berhad for $100 million.
The private airport operator, along with its subsidiary GMR Airports Infrastructure Ltd., has entered into a share purchase agreement with Malaysia Airports Holding Berhad and its unit MAHB (Mauritius) Pvt. to acquire their current minority 11% equity stake in GMR Hyderabad International Airport Ltd., the company said in an exchange filing on Wednesday.
The acquisition will be for a negotiated aggregate consideration of $100 million, which is roughly Rs 831.8 crore.
Following the acquisition, the GMR Group's stake in the airport will increase to 74% from the existing 63%. The Government of Telangana and the Airports Authority of India hold 13% equity stakes each in GMR Hyderabad International Airport.
The transaction, subject to the customary closing conditions, is expected to be concluded within a maximum of 135 days from the date of execution of the said share purchase agreement, the company said.
"The acquisition of an additional stake in GHIAL is in line with our objective of consolidating our presence in the core assets of the group and signifies the importance of Hyderabad airport in the overall group portfolio," said Kiran Kumar Grandhi, corporate chairman of GMR Group.
The GMR Group operates the Rajiv Gandhi International Airport in Hyderabad through a public-private partnership.
According to the company, it is the fourth busiest airport in India by passenger traffic, with an integrated domestic and international terminal under a single roof.
The airport handled its highest ever half-yearly passenger traffic as it crossed the 1.2 crore mark in H1 FY24, according to the monthly traffic data for September.
Shares of GMR Airports Infrastructure closed 0.76% lower at Rs 53.85 apiece after the announcement on Wednesday. This is compared to a 0.81% decline in the S&P BSE Sensex.
