GVK to buy Siemens’ Bangalore airport stake

August 22nd, 2011 - 9:42 pm ICT by IANS  

Mumbai, Aug 22 (IANS) GVK Power and Infrastructure Monday said that it will buy Siemens’ 14 percent stake in Bangalore International Airport Limited (BIAL).

The deal has been struck at Rs. 114 per equity share. GVK Power and Infrastructure is now the single largest stakeholder in BIAL with a 43 percent stake.

In a regulatory filing to the Bombay Stock Exchange (BSE), the company said its subsidiary Bangalore Airport & Infrastructure Developers Private Limited (BAIDPL) has, subject to certain terms and compliances, exercised its right of first refusal for acquiring 53,844,000 equity shares of a face value of Rs. 10 each held by Siemens Project Ventures GMBH.

In 2009, GVK Power and Infrastructure became the second largest shareholder in BIAL after it acquired the 17 percent stake of Larsen and Toubro Ltd (L&T;) in the airport for Rs.686 crore.

Before that, the company had bought 12 percent stake of Zurich Airport in BIAL for Rs.484.6 crore.

BIAL has a turnover of about Rs.143 crore with about Rs.43 crore of profits for the quarter ended June 30, 2011.

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