Bombay HC refuses to block Bidvest from selling off 13.5% stake in MIAL

GVK, which owns 50.5 per cent in the airport, had exercised its right of first refusal to acquire Bidvest shares earlier in the year, but failed to conclude the deal

In a setback for Adani Group, the Bombay High Court has refused to restrain South African company Bidvest from selling its 13.5 per cent stake in Mumbai International Airport (MIAL) to a third party, including GVK Group.

Adani Group, had in September, moved court seeking execution of a share purchase agreement it signed with Bidvest and restrain it from selling stake in the airport to a third party.  On Wednesday, Justice A K Menon declined interim relief to Adani Group. The order gives a fillip to GVK Group, which recently announced fundraising of Rs 7,600 crore to block Adani Group from