GMR Infrastructure inks deal on stake rejig

Infrastructure major GMR Group on Friday said that it is restructuring of its shareholding in GMR Airports Ltd, the holding company of the group’s airport business.

According to a regulatory filing on Friday, GMR Infra would be ent-itled to purchase the “equity securities” held by the private equity investors in GMR Airp-orts before June 5, 2017.

In this regard, GMR Infrastructure on Friday signed agreements with PE investors on restructuring its shareholding after the former had exercised its call option over Compulsorily Con-vertible Preference Sha-res (CCPS) held by the private equity investors in GMR Airports.

“Thereafter, GMR Infr-astructure, GMR Airp-orts and the private equity investors have discussed the proposed restructuring of the terms of their investment in GAL and have now executed agreements, which will be effective only upon completion of conditions precedent in these agreements, including the receipt of necessary regulatory approvals,” the group said.

At present, the group operates the in Delhi and Hyderabad in India and Mactan Cebu International Airport in the Phillippines.