GVK Power & Infrastructure will divest 33% stake in Bangalore International Airport (BIAL) to Fairfax India Holdings Corporation and Fairfax financial Holdings for a consideration of Rs 2,149 crore. The company at its board meeting held on 28th March, 2016 has approved for the same. Upon completion of this transaction, there will be a reduction of debt burden of around Rs2,000 crore and will also result in saving of interest cost to the extent of Rs 300 crore per annum approximately.
The above sale will be completed upon obtaining necessary consents/approvals as may be required including from the lenders and after following the process in the BIAL shareholders agreement.
GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads.
| Company Name | CMP |
|---|---|
| NTPC | 393.65 |
| Tata Power | 427.45 |
| Adani Power | 198.40 |
| Power Grid Corp | 318.05 |
| Torrent Power | 1565.30 |
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