GMR Airports, an arm of the GMR Group, has entered into an agreement with Malaysia Airports Holding to acquire the 11 per cent stake that the Malaysian firm holds in GMR Hyderabad International Airport for USD 76 million or around Rs 484 crore. In an exchange filing today, GMR said it will acquire 4.15 crore shares which converts into 11 per cent in the airport company from Malaysia Airports Holding and its Mauritius subsidiary, subject to approvals. GMR Hyderabad airport is a special purpose vehicle, and run the Rajiv Gandhi International Airport in the city.
GMR Airports currently holds 63 per cent stake and post-acquisition this will rise to 74 per cent. Of the remaining stake, 13 per cent in held by the Airports Authority of India and the rest 11 per cent by the Telangana government. According to understanding between the two parties, the price is based on the assumption that the transaction takes place on or before December 1, 2018. If the process is not achieved by December 1, 2018, the agreement will be terminated unless otherwise agreed.