GVK increases stake in Mumbai airport to 74%

New Delhi: GVK Power & Infrastructure on Friday said its step-down subsidiary GVK Airport Holdings will acquire 12 crore shares of Mumbai International Airport (MIAL) for Rs 924 crore from ACSA Global.

After completion of this 10 per cent stake buy from ACSA along with the earlier purchase of 13.5 per cent from Bidvest, GVK Group's shareholding in MIAL will increase to 74 per cent from the existing 50.5 per cent, a company statement said.

"GVK Airport Holdings Ltd...has exercised it right, under Right of First Refusal in terms of the Shareholders Agreement dated April 4, 2006....to acquire 12 crore equity shares of MIAL, constituting 10 per cent of the total paid-up share capital of MIAL, from ACSA at the rate of Rs 77 per share," it added.