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Hiking its stake in Delhi International Airport to 64%, GMR Infrastructure will acquire an additional 10% equity for USD 79 million from Malaysia Airports Holdings Berhad (MAHB), which is exiting the venture.
It would be purchasing the additional shareholding in Delhi International Airport Ltd (DIAL) for $79 million (about Rs 492 crore).
At present, GMR Infrastructure holds 54% stake.
In a regulatory filing today, GMR Infrastructure said its subsidiary GMR Airports would acquire 10% stake in DIAL from Malaysia Airports (Mauritius) Pvt Ltd.
Malaysia Airports (Mauritius) is a subsidiary of MAHB.
Post the proposed acquisition, GMR Infrastructure's stake would rise to 64%.
"The acquisition is subject to approval from Airport Authority of India, the grantor of concession for Delhi Airport and completion of other customary conditions precedent," the filing said.
Yesterday, MAHB said it was exiting DIAL, as a minority share did not give it any "influence" in the venture.
The Malaysian entity, which made its first investment in Delhi International Airport (DIAL) in 2006, would be reaping a profit of nearly USD 22 million from the proposed sale.
MAHB had recently realigned its investment objectives to focus more on investments in companies where it can exercise a significant degree of control.
"As the existing shareholders agreement restricts foreign ownership in DIAL to not more than 49%, MAHB is of the opinion that it would not be in a position to exert influence in DIAL unless it is able to own majority shareholdings in DIAL," MAHB had said.
Since April 10, 2006 till October 23, 2008, MAHB invested over USD 57.6 million by taking its total stake to 10% in DIAL.
