GMR sells stake in airport business for Rs 10,780 crore
Update: 2020-02-21 01:45 IST
Hyderabad: GMR Infrastructure Limited (GIL) on Thursday announced that it sold 49 per cent stake in its airports business to Groupe ADP for an equity consideration of Rs 10,780 crore.
The deal values GAL (GMR Airports Limited) at Rs 22,000 crore. The sale comprises Rs 9,780 crore towards secondary sale of shares by GMR group and Rs 1,000 crore equity infusion in GAL.
The first tranche of Rs. 5,248 Crore will be received by GMR Group immediately.
This money will help deleverage the Group further and result in improved cash flows and profitability.