GMR Airports Infrastructure To Change Name, Group Subsidiary To Acquire Its Shares

GMR Airports Infrastructure Ltd. said on Thursday that it would change its name to GMR Airports Ltd. from Dec. 11. It will also change the symbol from GMRInfra to GMRAirport, according to an exchange filing.

GMR Infra Enterprises Pvt. will also acquire 125 crore shares of GMR Airports as part of "internal restructuring", the GMR Group company said in a separate filing.

GMR Infra Enterprises will buy the shares via off-market transactions "anytime after four days from the date of this intimation". GMR Infra Enterprises is a wholly owned subsidiary of GMR Enterprises Pvt., which is the promoter of GMR Airports, it said.

GMR Infra Enterprises will acquire up to 11.84% of the total share capital of GMR Airports and up to 9.04% on a fully diluted basis.

While GMR Enterprises did not state the price at which it will acquire the shares of GMR Airports, the filing stated that they would be acquired at a price not exceeding the limits provided in provisions of the SEBI Substantial Acquisition of Shares and Takeovers Regulations, which has rules designed to ensure transparency and fairness in the acquisition of shares in listed companies.

However, it added that the price of the share was Rs 86.21 when calculated according to the volume weighted average market method "for a period of 60 trading days preceding the date of issuance of this notice as traded on the stock exchange where the maximum volume of trading in the shares of the TC are recorded during such period".

For the September quarter of the current fiscal, GMR Airports had recorded a consolidated net loss of Rs 428.8 crore, compared to net loss of Rs 190.4 crore in the same quarter of the previous financial year.

Shares of GMR Airports Infrastructure closed 0.17% higher at Rs 84.03 apiece on the National Stock Exchange, compared to a 0.98% advance in the benchmark Nifty.