GMR Airports Limited (GAL), a holding company of GMR Infrastructure Limited working on the airports vertical, on Wednesday said its stake in Delhi Airport will rise to 64 percent from the current 54 percent.
The company, in a regulatory filing with the National Stock Exchange, said it has "entered into an agreement to acquire 24,50,00,000 shares of face value of Rs.10 each, representing 10 percent equity stake in Delhi International Airport Private Limited (DIAL) from Malaysia Airports (Mauritius) Private Limited for a consideration of $79 million".
DIAL is a special purpose vehicle formed to carry out development, operation and management of the Indira Gandhi International Airport in Delhi.
"The acquisition is subject to approval from the Airports Authority of India, the grantor of concession for Delhi Airport and completion of other customary conditions precedent," the company said in the filing.
