GMR Airports Stake In Delhi-Based DIAL Rises To 74% Post Acquisition From German Company

GMR Airports Ltd. on Friday said that it has hiked its stake in Delhi airport operator DIAL to 74% after completing the acquisition of 10% shareholding from Germany's Fraport.

Last September, the company, which is part of the GMR Group, announced entering into a share purchase agreement with Fraport AG Frankfurt Airport Services Worldwide for buying the 10% stake in Delhi International Airport Ltd. for $126 million.

"On receipt of requisite approvals and fulfilment of conditions precedent, the process of transfer of shares and exchange of consideration between the company and Fraport has been concluded.

"Post this acquisition, the company's shareholding in DIAL now stands increased from 64% to 74%," GMR Airports said in a regulatory filing on Friday.

Airports Authority of India holds the remaining 26% stake in DIAL, which operates the Indira Gandhi International Airport in the national capital and that is also the country's largest airport.

The purchase of the additional stake is part of the GMR Group consolidating its presence in core assets.

Shares of GMR Airports Ltd. declined 1.37% to close at Rs 72.70 apiece on the BSE on Friday.