 "CCI approves deal involving GMR Infra Enterprises, Abu Dhabi-based trust")
The Competition Commission of India (CCI) on Tuesday approved a proposed transaction involving GMR Infra Enterprises Pvt Ltd and a trust of the Abu Dhabi Investment Authority.
The proposed combination involves subscription to unlisted and unrated optionally convertible debentures of GMR Infra Enterprises by Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC Ltd), according to a release.
The Abu Dhabi Investment Authority is the sole beneficiary of Platinumb Stone.
GMR Infra Enterprises Pvt Ltd will acquire a cumulative of approximately 9 per cent stake on a fully diluted basis of GMR Airports Ltd (GAL) from its promoter -- GMR Enterprises Pvt Ltd (GEPL).
The shareholding of GAL held by GMR Infra Enterprises will be pledged in favour of the trust with a view to secure the debenture subscription amount, the release said.
The Competition Commission of India (CCI) has given its nod for the deal.
In October, GMR Group said it has secured Rs 6,300 crore debt funding from the Abu Dhabi Investment Authority and the proceeds will be used for refinancing debt of its promoter group entity GMR Enterprises Pvt Ltd (GEPL).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)