The talks between GVK Airport Holdings, a step-down subsidiary of GVK Power & Infrastructure and Bid Services Division (Mauritius), a subsidiary of Bidvest to arrive at an agreement on the stake sale of the latter in Mumbai International Airport Limited (MIAL) has not yielded any result, the lawyers for the two parties informed the Delhi High Court on Thursday. The court will now start hearing both the parties from April 29.

GVK Airport Holdings and Bid Services Division (Mauritius) had on Monday told the high court that they wanted to sit down and talk with each other before moving further on the injunction application moved by GVK. During the hearing on Thursday, Bidvest also gave an undertaking to the high court that it would not take any steps on the proposed stake sale.

A single judge bench of Justice Sanjeev Narula had also issued a notice to Bidvest and sought their reply to GVK’s injunction petition. GVK had last week moved the HC seeking to stop its South African partner Bidvest from selling its stake in Mumbai International Airport (MIAL).

In February, GVK had exercised its Right of First Refusal (ROFR) to buy out 13.5% of the total paid-up share capital of MIAL. The company had exercised this option after Bidvest issued a notice to the former, saying it had found a buyer for its stake. Bidvest has now contended that it cannot wait till September 30, which GVK wants as the last date till which it can pay the former. GVK, on the other hand, wants time till September-end. It cited legal and other regulatory hurdles that could arise during the time it arranges funds to buy Bidvest’s stake.

With the exercise of ROFR for the acquisition of shares, GVK Airport Holdings’ stake would rise to 74 per cent upon the completion of acquisition of their stakes from the present 50.5 per cent level. As it was agreed to acquire the shares from Bidvest, as well as, ACSA Global at the rate of Rs 77 per share, GVK will require Rs 2,171.4 crore to pay for the acquisition of the 23.5 per cent stake.

It was not clear as to how GVK was planning to raise the amount to fund this acquisition. MIAL is a joint venture of GVK and South African investors Bidvest and ACSA. GVK Airport Developers own 50.5 per cent of MIAL, while the Airport Authority of India owns 26 per cent, Bidvest 13.5 per cent and ACSA owns 10 per cent, respectively.