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GMR Infra to sell 49% stake in airport business to Tata Group entity

GMR Infrastructure on Thursday said it will sell 49 per cent stake in airport business to Tata Group entity TRIL Urban Transport, a higher quantum than announced earlier.

The diversified group had earlier announced offloading 44.44 per cent shareholding in the airport business.

In a regulatory filing, GMR Infrastructure said it has decided to “increase the transaction size by agreeing to divest 49 per cent in GMR Airports Limited (vs previously agreed 44.44 per cent) to TRIL Urban Transport Private Limited (part of TATA Group), an affiliate of GIC and SSG Capital Management… in one or more tranches”.

The deal would be subject to regulatory approvals.

An amended and restated Shares Subscription and Purchase Agreement and Shareholders Agreement has been executed for the revised deal, according to the filing.

Shares of GMR Infrastructure rose over 1 per cent to Rs 24.20 in afternoon trade on the BSE.

Source: Business Standard