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25-Apr-2019 12:18 PM

GVK signs agreement with ADIA and NIIF for investment in its airport business

GVK Power & Infrastructure Limited announced (18-Apr-2019) its subsidiaries, GVK Airport Developers Limited (GVKADL) and GVK Airport Holdings Limited (GVKAHL), signed a term sheet and exclusivity agreement with the Abu Dhabi Investment Authority (ADIA) and the National Investment & Infrastructure Fund (NIIF) for an investment in new shares in GVKAHL, totalling a 49% stake. The transaction is subject to confirmatory due diligence by ADIA and NIIF, agreement on definitive documents and satisfaction of customary closing conditions. GVK had initiated a process to identify and select preferred investors to raise capital to reduce or refinance debt obligations of up to INR57.5 billion (USD821.2 million). Citigroup Global Markets India Private Limited is acting as the exclusive financial advisor to GVK for the transaction. ADIA and NIIF were selected as the preferred partners by GVK following this process. All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations. [more - original PR]

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