GMR Infra exits cargo ops JV for Rs 28.6 crore

By: | Published: February 24, 2015 1:15 AM

GMR Infrastructure, which operates New Delhi's Indira Gandhi International Airport...

GMR Infrastructure, which operates New Delhi’s Indira Gandhi International Airport, on Monday said it was selling off its 26% stake in a joint venture that handles cargo operations at the airport for Rs 28.60 crore.

“Delhi International Airport (DIAL), a subsidiary of GMR Infrastructure, on February 20, 2015 has entered into a definitive agreement to sell its entire stake of 26% of the equity capital of Delhi Cargo Service Centre which operates cargo operations at Delhi airport,” the company said in a filing to the Bombay Stock Exchange.

“DIAL has agreed to sell its entire holding of 1,09,20,000 equity shares of face value of Rs 10 each, to India Infrastructure Fund -II (investment manager – IDFC Alternatives) , for Rs 26.20 per share aggregating a total consideration of Rs 28.60 crore,” the company said. The share sale is subject to the fulfillment of certain conditions, it said.

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