GVK to buy ACSA's stake in Mumbai airport company, raise stake to 74%

Deal settled at Rs 77 a share, GVK will need Rs 2,171 cr to pick up 23.5% stake

GVK Power and Infrastructure Limited (GVK PIL) on Friday informed the stock exchanges that its step-down subsidiary GVK Airport Holdings Limited has initiated the process to acquire 120 million shares of Mumbai International Airport Limited (MIAL) constituting 10 percent of the paid up share capital of MIAL from ACSA Global Limited by exercising its right under Right of First Refusal in the shareholder agreement.

Last month, the company had exercised its right of first refusal to acquire 13.5 percent stake in MIAL from Bid Services Division (Mauritius) Limited (Bidvest) after Adani Group had proposed to buy out Bidvest's stake in