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ADIA and NIIF to invest in GVK's airports holding company

Posted On: 2019-04-18 20:38:18


GVK Power & Infrastructure Limited (NSE: GVKPIL, BOM: 532708) ("GVKPIL") today announced that its subsidiaries, GVK Airport Developers Limited ("GVKADL") and GVK Airport Holdings Limited ("GVKAHL"), have signed a term sheet and exclusivity agreement with the Abu Dhabi Investment Authority ("ADIA") and the National Investment & Infrastructure Fund ("NIIF") for an investment in new shares in GVKAHL equating to a 49% stake. The transaction is subject to conclusion of confirmatory due diligence by ADIA and NIIF, agreement on definitive documents and satisfaction of customary closing conditions including regulatory/third party approvals and lender consents.

GVK had initiated a process to identify and select preferred investors to raise capital to reduce or refinance debt obligations of up to INR 5,750 crore. Citigroup Global Markets India Private Limited is acting as the exclusive financial advisor to GVK for the transaction. ADIA and NIIF were selected as the preferred partners by GVK following this process. All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations.

Dr. GVK Reddy, Founder and Chairman, GVK, commenting on this development said, "We are delighted to sign these agreements with ADIA and NIIF. The funds brought in through this proposed transaction will help us deleverage as we continue with our endeavours to create the infrastructure for a strong aviation hub in India that will provide the impetus for growth and development for the entire country. Our future focus will be on delivering Navi Mumbai International Airport, successfully monetising Mumbai airport's real estate and building a strong airports business at GVK."

Shares of GVK POWER & INFRASTRUCTURE LTD. was last trading in BSE at Rs.7.31 as compared to the previous close of Rs. 7.57. The total number of shares traded during the day was 243444 in over 10251 trades.

The stock hit an intraday high of Rs. 7.57 and intraday low of 7. The net turnover during the day was Rs. 1769282.


Source: Equity Bulls

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