GVK Power climbs 3% after arm raises stake in Mumbai International Airport

GVK Power & Infrastructure shares gained 9 percent intraday Friday after the GVK Group increased its stake in Mumbai International Airport Limited.

The stock closed at Rs 7.25, up 2.98 percent on the BSE.

GVK Power said its step down subsidiary GVK Airport Holdings Limited has exercised its right, under ‘right of first refusal’ in terms of the Shareholders Agreement, to acquire 12 crore equity shares of Mumbai International Airport Limited (MIAL), constituting 10 percent of the total paid-up share capital of MIAL, from ACSA Global Limited.

The company acquired 10 percent stake at the rate of Rs 77 per share.

Upon completion of this 10 percent acquisition along with the earlier acquisition of 13.5 percent stake from Bidvest, the equity shareholding of the GVK Group will increase to 74 percent from the existing 50.5 percent in MIAL, GVK said.

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