Tatas, GIC, SSG To Invest $1.16 Billion In GMR Airports
The deal will also provide exit to existing private equity investors that hold a 5.8 per cent stake in the airports unit.
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GMR Infrastructure said https://bit.ly/2UbRphT on Wednesday a consortium of Tata Group, an affiliate of Singapore's sovereign wealth fund GIC Private Ltd and SSG Capital Management will invest 80 billion rupees ($1.16 billion) in its GMR Airports Ltd unit.
GMR Infrastructure will hold a 54 percent stake and keep management control, while Tatas will hold about 20 percent, GIC 15 percent and SSG nearly 10 percent in GMR Airports Ltd after the investment.
The deal will also provide exit to existing private equity investors that hold a 5.8 percent stake in the airports unit.
The company proposes to demerge its airports business into a separate entity from its energy, highways, urban infrastructure and transportation businesses after the investment and also cut its debt.
Shares of the New Delhi-based GMR Infrastructure rose 4.11 percent in early trade in a broader Mumbai market that was up 0.42 percent.
(Reuters)