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Stock Report
Adani Airports to acquire controlling interest in Mumbai Airport
Posted On : 2020-08-31 10:43:04( TIMEZONE : IST )
Adani Airport Holdings Limited ("AAHL"), the flagship holding company of Adani Group for its airports business (and a subsidiary of Adani Enterprises Limited) has entered into an agreement to acquire the debt of GVK Airport Developers Limited ("GVK ADL").
GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in Mumbai International Airport Limited ("MIAL"), which in turns holds 74% equity stake in Navi Mumbai International Airport Limited ("NMIAL").
According to the agreement, AAHL will acquire the debt of GVK ADL from its airport lenders.
The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Limited with respect to the debt acquired by it. The Adani Group will also take steps to complete the acquisition of a 23.5% equity stake from ACSA and Bidvest in MIAL for which it has obtained CCI approval. Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL.
AAHL intends to infuse funds into MIAL to ensure that MIAL receives much needed liquidity and also achieves financial closure of Navi Mumbai International Airport to be able to commence construction.
Shares of ADANI ENTERPRISES LTD. was last trading in BSE at Rs.288.25 as compared to the previous close of Rs. 287.15. The total number of shares traded during the day was 621559 in over 7360 trades.
The stock hit an intraday high of Rs. 295.45 and intraday low of 286.55. The net turnover during the day was Rs. 180684869.
Shares of GVK POWER & INFRASTRUCTURE LTD. was last trading in BSE at Rs.3.27 as compared to the previous close of Rs. 3.44. The total number of shares traded during the day was 15646633 in over 3620 trades.
The stock hit an intraday high of Rs. 3.61 and intraday low of 3.27. The net turnover during the day was Rs. 54174270.
