GMR receives Rs 5,248 crore from Groupe ADP
GMR InfrastructureNSE -3.48 % on Wednesday said it has received Rs 5,248 crore from Groupe ADP as part of a deal wherein the French major is buying 49 per cent stake in the domestic group’s airport business. On February 21, it was announced that Groupe ADP would acquire 49 per cent stake in GMR Airports Ltd (GAL) for Rs 10,780 crore.
In a filing to stock exchanges on Wednesday, GMR Infrastructure said the group has received Rs 5,248 crore towards first tranche of payment from Groupe ADP.
“The end utilisation of monies has been mainly for corporate debt reduction. Further, GMR Group has provided exit to the existing private equity investors in GMR Airports Ltd,” it added.
