An association of Tata Group, a part of Singapore’s sovereign wealth fund GIC and SSG Capital Management is likely to spare Rs. 8000 crore to own stakes in GMR Airports Ltd, which runs India’s biggest airport.
According to the statement, the deal will get through by investing 1000 crore into GMR Airports and purchase Rs.7,000 crore of the airport unit’s equity shares from the parent. GMR operates Delhi International Airport Ltd., Asia’s sixth biggest.
Tata will hold 20% in the airport unit, while GIC will get 15% and SSG will own 10%, the company said in a filing. The deal values GMR Airports at Rs.18,000 crore.
GMR shares jumped as much as 9.8% to the highest intraday level since Sept. 3 while the broader S&P BSE Sensex index rose 0.6%. GMR Also operates airports in Hyderabad and Cebu.
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