GMR Airports Ltd, that manages the Delhi and Hyderabad international airports will soon have the Tatas owning 49% equity via its subsidiaries. The shares in this infrastructure venture, held by GMR Infrastructure Limited will change hands to TRIL Urban Transport Pvt Ltd (TUTPL) and a couple of overseas partners of TUTPL. It was earlier expected that only 44.4% of the shares were getting sold. The disinvestment by the GMR Group may be carried out in two tranches or even more than that, it has been reported.
Tata Realty and Infrastructure Limited (TRIL) is the entity on top. Its 100%-owned subsidiary is TRIL Urban Transport Pvt Ltd (TUTPL). Valkyrie Investment Pte Ltd and Solis Capital (Singapore) Pte Ltd are the two Singapore-based partners of TUTPL. The three may end up owning 55.2% of the shares in GMR Airports Ltd, a majority stake. The total deal would be worth around ₹8,000 crore.
Though the transaction had been approved by the Competition Commission of India (CCI) in October 2019 itself, the deal had a different shape then. The foreign partners in this deal, at that time, were said to be GIC and SSG. The ratio of the 45% stake as approved by CCI was to be 20% by the Tatas, 15% by GIC and 10% by SSG. GIC would have picked up the stake in the deal through Valkyrie, SSG’s stake would have come through Solis Capital. These are the subsidiaries registered in Singapore. In the event, the same three will be owning the equity between them now.
The share price of GMR Airports Ltd was seen rising in the Bombay Stock Exchange (BSE), though the index remained flat. The price was quoted at around ₹24.
The fresh proposal and the stake sale will still need to be approved by the regulators.