GVK proposes to acquire further equity shares in BIAL

GVK Power and Infrastructure Limited (GVKPIL) announced today that it proposes to acquire further equity shares in Bangalore International Airport Ltd (BIAL). 

Bangalore Airport & Infrastructure Developers Private Limited (BAIDPL), a step down subsidiary of the company has, subject to certain terms and compliances, exercised its Right of First Refusal, for acquiring 53,844,000 equity shares with a face value of Rs.10 each held by Siemens Project Ventures GMBH (Siemens), being 14% of the issued capital of Bangalore International Airport Limited (BIAL), at a price of Rs.114 per equity share. 

The said acquisition will be completed after obtaining the requisite approvals, if any. 

Speaking on the occasion, Dr. G V Krishna Reddy, Chairman, GVKPIL said: “This will be a key strategic development for us to further underscore our commitment to the airport sector in India. We are confident that BIAL will continue to add value to our airport business and will meet its objective to become the hub for South India.”