GMR Airports Ltd. on Wednesday said that it will acquire a 50% stake in Haryana-based Bird Delhi General Aviation Services Pvt. for a little over Rs 15 crore.
According to the exchange filing, GMR Airports has entered into a share purchase agreement to acquire up to 5 lakh equity shares and up to 1.9 crore non-cumulative, compulsorily convertible preference shares of Bird Delhi General Aviation Services.
The securities being acquired represent up to 50% of the paid-up share capital of the fixed base operator from its existing shareholders for a total consideration of approximately Rs 15.02 crore, the filing added.
GMR Airports will conduct the transaction in one or more tranches, the filing added. It added it doesn’t require any governmental or regulatory approvals for the acquisition.
According to the company, “the transaction will be in furtherance of the existing business of airport adjacencies or airport-related businesses, etc.,” and that the move would strengthen its presence in the airport and airport-related businesses.
GMR Airports clarified that the proposed acquisition would not be a related party transaction, and neither its promoter nor the promoter group hold any interest in the said transaction.
The filing added that Bird Delhi General Aviation Services had reported Rs 64.51 crore, Rs 54.2 crore, and Rs 47.19 crore as revenue from operations for the financial years 2024, 2023, and 2022, respectively.
Bird Delhi General Aviation Services, which was incorporated on Aug. 17, 2005, under the Companies Act, 1956, is engaged in the development and operation of the general aviation terminal, maintenance centre, and associated facilities at IGI Airport in New Delhi.
In a separate filing, the company also stated that GMR Infra Enterprises Pvt. has acquired 12 crore equity shares of GMR Airports from GMR Enterprises Pvt. “by way of an inter-se transfer” on Jan. 03, 2025.
Shares of GMR Airports Ltd. closed 0.14% higher at Rs 76.77 apiece on the BSE, compared to a 0.06% decline in the benchmark Sensex.
