Two days before the deadline, the Adani Group on Tuesday sought the Bombay High Court’s nod to complete its offer to buy the 13.5 per cent stake held by South African company Bidvest in Mumbai airport, saying the GVK Group has failed to deposit the money in the court-ordered escrow account on time.
It can be noted that, with the third extension, the GVK group has time till on November 7 to pay Bidvest and complete the deal.
The Adanis’s bid to enter the country’s second busiest airport by buying out Bid Services Division Mauritius (Bidvest) from the MIAL was stalled after the airport operator MIAL controlled by the GVK Group chose to exercise its first right of refusal, and matched the Rs 1,248-crore or Rs 77 a share, offer that Adanis made to the South African company in March, valuing MIAL at Rs 9,500 crore.
