New Delhi, March 27
GMR Infrastructure today said Tata Group along with an affiliate of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 8,000 crore in the company’s airports business.
Following the transaction, GMR Infrastructure and its subsidiaries will hold around 54% stake in GMR Airport, while employee welfare trust will hold about 2%, Tata Group around 20%, GIC about 15% and SSG around 10%.
As part of this transaction, GMR Infrastructure also intends to provide exit to existing private equity investors who hold 5.8% equity stake in GMR Airport Ltd.
GMR Infrastructure has signed a binding term sheet with the investors (Tata Group, GIC and SSG Capital Management) pursuant to which the investors have agreed to invest Rs 8,000 crore in GMR Airports Ltd, GMR Infra said in a regulatory filing.
The investment of Rs 8,000 crore will consist of Rs 1,000 crore equity infusion in GMR Airports and Rs 7,000 crore towards purchase of GMR Airports Ltd’s equity shares from GMR Infrastructure and its subsidiaries.
The proposed investment is subject to definitive documentation, customary regulatory approvals, lender consents and other approvals, the company added.
Following the investment, GMR Infrastructure proposes to demerge its energy, highways, urban infrastructure and transportation businesses, leading to separation of its airport business, subject to customary consents, regulatory and corporate approvals. — PTI
About the deal
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Following the transaction, GMR Infrastructure and its subsidiaries will hold around 54% stake in GMR Airport, while employee welfare trust will hold about 2%, Tata Group around 20%, GIC about 15% and SSG around 10%
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As part of this transaction, GMR Infrastructure also intends to provide exit to existing private equity investors who hold 5.8% equity stake in GMR Airport Ltd
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from The Tribune https://ift.tt/2Ui6kHi
via Today’s News Headlines
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