GVK Airport Holdings Limited, a step down subsidiary of GVK Power & Infrastructure Limited, has decided to acquire 13.5 per cent stake of Bidvest in Mumbai International Airport Limited, thereby hiking it’s 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, as may be mutually agreed, regulatory and other approvals and also 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% of the total paid-up share capital of MIAL, from Bidvest at the rate of Rs.77 per share.
