Adani Airport Holdings to own nearly 98% stake in GVK Airport Developers
Adani Airport Holdings Ltd (AAHL) has already taken over the management control of Mumbai International Airport Ltd (MIAL), the operator of the country's second-largest airport.
AAHL, the flagship holding company of Adani Group's airport business, will hold nearly 98 per cent stake in GVK Airport Developers Ltd (GVKADL) pursuant to the rights exercised by it as a lender to the company.
Adani Airport Holdings Ltd (AAHL) has already taken over the management control of Mumbai International Airport Ltd (MIAL), the operator of the country's second-largest airport.
See Zee Business Live TV Streaming Below:
According to a regulatory filing on Wednesday, AAHL, a wholly-owned subsidiary of Adani Enterprises Ltd, "pursuant to the rights exercised by it as a lender of GVKADL, will hold 97.97 per cent of the paid up equity capital of GVKADL".
GVKADL is the holding company of GVK Airport Holdings Ltd (GVKAHL) which holds 50.50 per cent equity stake in MIAL. The latter holds 74 per cent equity stake in Navi Mumbai International Airport Ltd.
"Debt held by AAHL (the principal amount of which is Rs 2165,57,00,000) in GVKADL has been converted into equity shares of GVKADL," the filing said.
Further, the board of directors of GVKADL and GVKAHL have been entirely reconstituted with AAHL's nominees. The nominee directors representing the GVK Group have resigned.
As per the filing, a nominee of AAHL has been appointed as the Chairman and Managing Director of MIAL.
Adani Group will have 74 per cent stake in Mumbai's Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5 per cent being bought from GVK Group and 23.5 per cent from minority partners including Airports Company South Africa (ACSA), and Bidvest Group.
With eight airports (in its management and development portfolio), AAHL is now India's largest airport infrastructure company, accounting for 25 per cent airport footfalls.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
08:42 PM IST