Hiking its stake in Delhi International Airport to 64 per cent, GMR Infrastructure will acquire an additional 10 per cent equity for $ 79 million from Malaysia Airports Holdings Berhad (MAHB), which is exiting the venture.
It would be purchasing the additional shareholding in Delhi International Airport ltd (DIAl) for $ 79 million (about Rs 492 crore). At present, GMR Infrastructure holds 54 per cent stake.
In a regulatory filing on Wednesday, GMR Infrastructure said its subsidiary GMR Airports would acquire 10 per cent stake in DIAl from Malaysia Airports (Mauritius) Pvt ltd.Malaysia Airports (Mauritius) is a subsidiary of MAHB.
Post the proposed acquisition, GMR Infrastructure's stake would rise to 64 per cent. "The acquisition is subject to approval from Airport Authority of India, the grantor of concession for Delhi Airport and completion of other customary conditions precedent," the filing said.
MAHB said it was exiting DIAl, as a minority share did not give it any "influence" in the venture. The Malaysian entity, which made its first investment in Delhi International Airport (DIAl) in 2006, would be reaping a profit of nearly $ 22 million from the proposed sale.