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Malaysia Airports Holding cancels Hyd airport stake sale pact with GMR

GAL currently holds 63% stake and the remaining in the company is held by Airports Authority of India (13%) and the Telangana government (11%)

Press Trust of India  |  Hyderabad 

GMR
GMR

has said it terminated the (SPA) with the Group for selling its 11 per cent stake to the latter as the Indian infra major did not fulfil the obligations as per the agreement before December 31.

Infrastructure Limited in February last year said its subsidiary Airports Limited entered into an agreement with and its subsidiary to acquire 11 per cent of the stake that the Malaysian company is holding in GMR Hyderabad International Airport, for $76 million.

"The Board of Directors of MAHB wishes to announce that the has been automatically terminated due to failure of the purchaser to complete their obligation in accordance with the terms of the by 31 December 2018. Therefore, MAHB and MAHB (Mauritius) Private Limited shall remain as shareholders of GHIAL accordingly," MAHB said in a regulatory filing Wednesday.

GHIAL, a special purpose vehicle manages Rajiv Gandhi International Airport here.

GAL currently holds 63 per cent stake and the remaining in the company is held by Airports Authority of India (13 per cent) and the Telangana government (11 per cent).

GMR Infrastructure shares were trading at Rs 16 apiece on the BSE at 10 a.m.

First Published: Thu, January 03 2019. 10:40 IST
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