GMR SEZ and Port Holding will sell its entire 51 percent stake in Kakinada SEZ to Aurobindo Realty and Infrastructure.
GMR Infrastructure on September 25 said its unit has agreed to sell its stake in Kakinada SEZ (KSEZ) to Aurobindo Realty.
GMR SEZ and Port Holding (GSPHL) will sell its entire 51 percent stake in Kakinada SEZ to Aurobindo Realty and Infrastructure, according to a BSE statement.
The total consideration for the stake sale as well as the sub-debt in Kakinada SEZ is Rs 2,610 crore. Of this amount, Rs 1,600 crore would be received on the closing date and balance Rs 1,010 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones.
“As part of the proposed transfer of stake of KSEZ, the 100 percent equity stake of Kakinada Gateway Port Limited (“KGPL”) held by KSEZ would also be transferred to Aurobindo Realty,” the statement said.
KGPL had in 2018 signed a concession agreement with the Andhra Pradesh government to set up a greenfield commercial port in Kona village.
Shares of GMR Infrastructure rose 3 percent in early trade after the announcement.
First Published on Sep 25, 2020 08:34 am
