DIAL is a subsidiary of GMR Airports and the latter currently holds 64% stake in the company.
Erstwhile known as GMR Infrastructure Limited (GIL), the company has entered into a share purchase agreement with Fraport to execute the said transaction, a company filing on Monday said.
Apart from GMR and Fraport, Airports Authority of India (AAI) holds a 26% equity stake in DIAL.
GMR Airports expects the deal to be concluded within 180 days from the date of execution of the said SPA.
Kiran Kumar Grandhi, Corporate Chairman of GMR Group, said that the acquisition of additional stake in DIAL is in line with the company’s objective of consolidating its presence in core assets of the Group and signifies the importance of Delhi airport in the overall Group portfolio.Fraport being a holder of 10% equity stake in DIAL, would be a related party to DIAL.Shares of GMR Airports today ended at Rs 91.20 on the NSE, up by Rs 0.17 or 0.19% over the Friday closing price.
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