GVK Group co to acquire 12 cr shares in Mumbai airport for Rs 924 cr

New Delhi: GVK Power & Infrastructure Friday said its step-down subsidiary GVK Airport Holdings will acquire 12 crore shares of Mumbai International Airport (MIAL) for Rs 924 crore from ACSA Global.

After completion of this 10 percent stake buy from ACSA along with the earlier purchase of 13.5 percent from Bidvest, GVK Group's shareholding in MIAL will increase to 74 percent from the existing 50.5 percent, a company statement said.

"GVK Airport Holdings Ltd...Has exercised it right, under Right of First Refusal in terms of the Shareholders Agreement dated April 4, 2006....To acquire 12 crore equity shares of MIAL, constituting 10 percent of the total paid-up share capital of MIAL, from ACSA at the rate of Rs 77 per share," it added.