GVK Power and Infrastructure will sell its residual stake of 10% in Bangalore International Airport (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1,290 crore {approximately $200 million). The board of directors at its meeting held on June 02, 2017 approved for sale of residual 3,84,60,000 equity shares of Rs 10 each corresponding to 10% stake in BIAL.
The transaction is expected to be completed by early July 2017. The proceeds of this sale are to be used for further reducing the debt obligations of GVK. In March 2017, GVK closed a deal which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL.
GVK Power and Infrastructure is an infrastructure development company. It engages in infrastructure and urban infrastructure projects. The company provides operation and maintenance services, manpower and consultancy services, and incidental services to owners of power plants, airports and infrastructure companies.
