Adani Group checks into Mumbai Airport by acquiring 23.5% stake; on way to 74% ownership of MIAL
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Adani Group checks into Mumbai Airport by acquiring 23.5% stake; on way to 74% ownership of MIAL
Saurabh Sinha / TNN / Updated: Feb 7, 2021, 14:01 IST
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Adani Group chairman Gautam Adani (File photo)
NEW DELHI: The Adani Group has formally checked into Mumbai International Airport Limited (MIAL) by acquiring 23.5% stake in it held by two foreign firms ACSA Global Limited (ACSA) and Bid Services Division (Mauritius) Limited (Bidvest) for Rs 1,685.2 crore. The infra major is going to acquire 74% stake in MIAL, thereby getting the rights to develop the upcoming Navi Mumbai airport, which includes the entire 50.5% stake of outgoing promoter GVK Group.
Adani Airports acquires 23 5% stake in Mumbai Airport for ₹1,685 crore
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Adani Airports Acquires 23 5% Stake In Mumbai International Airport For Rs 1,685 Crore
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Adani Group completes acquisition of 23.5% stake in Mumbai Airport; to hike ownership to 74%
Adani Airport Holdings (AAHL), a subsidiary of Adani Enterprises, has acquired 23.5 per cent equity stakes in Mumbai International Airport from ACSA Global and Bid Services Division (Mauritius) for Rs 1,685.2 crore
BusinessToday.In | February 7, 2021 | Updated 18:15 IST
Adani Airport Holdings acquires 23.5% stake in Mumbai International Airport
Billionaire Gautam Adani-led Adani Group has completed acquisition of 23.5 per cent equity stake in Mumbai International Airport Limited (MIAL) from Airports Company South Africa (ACSA) and Bid Services Division (Mauritius) Limited for Rs 1,685.2 crore. The Indian multinational conglomerate is set to extend shareholding to 74 per cent in MIAL, a joint venture between the Airports Authority of India and GVK Industries, which would provide the Group ownership of the upcoming Navi Mumbai airport, in which MIAL holds majority stake.
February 06, 2021 The Adani Group has completed the acquisition of 23.5 per cent of Mumbai International Airport Limited (MIAL) from ACSA Global Limited (ACSA) and Bid Services Division (Mauritius) Limited (Bidvest).
“AAHL has completed the acquisition of 23.5 per cent equity stake in MIAL. This acquisition forms part of the transaction pursuant to which AAHL proposes to acquire controlling interest in MIAL as specified in our intimation dated August 31, 2020,” the company said in a statement to the stock exchanges.
According to sources, under the proposed deal, the Adani Group will acquire 162 million shares at ₹56.25 apiece from Bidvest, aggregating to ₹911.25 crore. Adani will also buy over 120 million shares from Airports Company South Africa (ACSA) at ₹56.25 apiece, aggregating to ₹675 crore. This means it will acquire Bidvest’s 13.5 per cent stake and ACSA 10 per cent stake in MIAL.