Adani Airport Holdings Limited (AAHL), the holding company of Adani Group for its airports business and a subsidiary of Adani Enterprises Limited) has entered into an agreement to acquire the debt of GVK Airport Developers Limited (GVK ADL).
Adani Enterprises Limited in a stock exchange filing on Monday said that according to the agreement, "AAHL will acquire the debt of GVK ADL from its airport lenders".
GVK ADL is the holding company through which GVK Group holds 50.50 percent equity stake in Mumbai International Airport Limited ("MIAL") (also known as Chhatrapati Shivaji Maharaj International Airport), which in turns holds 74 percent equity stake in Navi Mumbai International Airport Limited.
"The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Limited with respect to the debt acquired by it," it said.
The Adani Group will also take steps to complete the acquisition of a 23.5 percent equity stake from ACSA and Bidvest in MIAL for which it has obtained CCI approval, Adani Enterprises said.
"Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL. AAHL intends to infuse funds into MIAL to ensure that MIAL receives much needed liquidity and also achieves financial closure of Navi Mumbai International Airport to be able to commence construction," it added.
Shares of Adani Enterprises rose to an intraday high of Rs 297.55 on BSE after the announcement.