The Bombay High Court adjourned the hearing on the disputed sale of the Bidvest Group’s 13.5% stake to the Adani Group in the GVK-run Mumbai International Airport (MIAL) to November 5. The court also disposed a motion by Adani Properties seeking an injunction on Bidvest restricting the company from selling its shares to any other third party.
The proceedings followed a plea filed by Adani Properties in the high court last month seeking that it declare a purchase agreement between the Adani Group and Bidvest for its stake in MIAL as “valid, subsisting and binding.”
Adani Properties had in March entered into a share purchase agreement (SPA) with Bid Services Division (Mauritius) – the Bidvest Group’s Mauritius-based arm – to buy its entire stake of 16.2 crore shares in MIAL for Rs 1,248 crore at Rs 77 per share. The long-stop date for the SPA, or the date by which the agreement must be executed, is September 30.
