GVK Power & Infrastructure today said it had acquired an additional 14% stake in Bangalore International Airport (BIAL) for Rs 613.82 crore, thereby increasing its overall shareholding to 43%.
The announcement comes a day after GVK Power said it had hiked stake in Mumbai International Airport (MIAL) to 50.5%.
In a regulatory filing, GVK Power said its subsidiary Bangalore Airport & Infrastructure Developers bought 53,844,000 equity shares --amounting to 14% -- in BIAL today.
The additional stake in BIAL has been bought from Siemens Project Ventures GmbH (Siemens) for about Rs 613.82 crore.
"With this acquisition, GVK Power would now have an effective stake of 43% in BIAL," the filing said.
On Tuesday, GVK Power said its subsidiary GVK Airport Holdings acquired 13.5% stake in Mumbai International Airport for USD 231 million. This stake was purchased from Bid Services Division (Mauritius).
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Following the acquisition, GVK Power's stake in MIAL has increased to 50.5%. MIAL was awarded the mandate for operating and modernising the Chhatrapati Shivaji International Airport, Mumbai (CSIA) in April, 2006.
Shares of GVK Power rose marginally to close at Rs 14.60 on the Bombay Stock Exchange.