GVK to sell 79% stake in airport business to 3 investors, raise Rs 7,614 cr

An arbitration tribunal has given the GVK group time till October 31 to deposit Rs 1,248 crore for acquiring Bidvest's 13.5 per per cent stake

The GVK group will raise Rs 7,614 crore by selling 79.1 per cent stake in its airport business to three investors to pare debt and stave off the Adani group’s proposed acquisition in Mumbai airport. The group on Sunday announced signing off a definitive agreement with the Abu Dhabi Investment Authority (ADIA), PSP Investments of Canada, and the National Investment and Infrastructure Fund (NIIF) for selling stake in its airport business holding company.

The proceeds from the transaction will be used by GVK to retire around Rs 5,500-crore debt of its holding companies and fund the purchase of additional shares