GVK Airport Holdings Limited, a step-down subsidiary of GVK Power & Infrastructure Limited, has decided to acquire a 13.5 per cent stake of Bidvest in Mumbai International Airport Limited, thereby hiking its stake to 64 per cent from 50.5 per cent.
The Hyderabad-based diversified infrastructure company has exercised its right, under “Right of First Refusal” in terms of the Shareholders Agreement dated April 4, 2006. The deal is subject to regulatory and other approvals and must also be in accordance with the various contractual agreements between GVKAHL and Bid Services Division (Mauritius) Limited (Bidvest).
This results in acquisition of 16,20,00,000 equity shares of Mumbai International Airport Limited, constituting 13.5 per cent of the total paid-up share capital of MIAL, from Bidvest at Rs. 77 per share.
