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GVK Power to buy additional stake in Bangalore airport from Siemens Project

23 Aug 2011 Evaluate

Bangalore Airport & Infrastructure Developers (BAIDPL), a step down subsidiary of the GVK Power & Infrastructure has, subject to certain terms and compliances, exercised its right of first refusal, for acquiring 53,844,000 equity shares with a face value of Rs 10 each held by Siemens Project Ventures GMBH. This is equivalent to 14% of the issued capital of Bangalore International Airport (BIAL), at a price of Rs 114 an equity share. The acquisition would be completed after obtaining the requisite approvals, if any.

In 2009, GVK had acquired 17% stake in BIAL from Larsen and Toubro (L&T) for Rs 686 crore and it acquired 12% of Zurich Airport's stake in BIAL for Rs 484.6 crore. Both the deals priced BIAL shares at Rs 105 a piece.

Private promoters of BIAL hold 74% stake while the state-run Airports Authority of India holds the remaining 26%.

GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads. Incorporated in 1994, the company till date has invested over Rs 5,000 crore in infrastructure projects.

GVK Power & Infra Share Price

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