GMR Airports Infrastructure Ltd updates on divestment of its stake in Mactan Cebu International Airport

GMR Megawide Cebu Airport Corporation (GMCAC), was a joint venture between GMR Airports International BV (GAIBV), a stepdown subsidiary of the Company and Megawide Construction Corporation (MCC).

Pursuant to the definitive agreements entered into by GAIBV, GMCAC and MCC with Aboitiz InfraCapital Inc (AIC), for AIC to acquire shares in GMCAC, upon completion of all customary approvals, GAIBV has today received an amount of ₹ 1389.90 Crore, against the sale of shares in GMCAC and the issuance of exchangeable notes to AIC, which notes as per the agreements are exchangeable against GAIBV's balance equity in GMCAC on October 31, 2024.

The company would continue to operate as the Technical Services Provider to GMCAC until December 2026 and would also be entitled to additional deferred consideration based on the subsequent performance of GMCAC for the same period.

Shares of GMR Infrastructure Limited was last trading in BSE at Rs. 41.50 as compared to the previous close of Rs. 42.40. The total number of shares traded during the day was 618964 in over 2497 trades.

The stock hit an intraday high of Rs. 42.65 and intraday low of 41.25. The net turnover during the day was Rs. 25838525.00.

Source : Equity Bulls

Keywords

GMRAirportsInfrastructure INE776C01039 StakeSale GMRMegawideCebuAirportCorporation