GMR Airports Limited is going to buy 50 percent paid up share capital of Bird Delhi General Aviation Services Private Limited (BDGASPL). For this, a share purchase agreement has been signed between the two parties. Under the agreement, GMR Airports will purchase 5,00,000 equity shares and 1,90,00,000 non-cumulative compulsorily convertible preference shares (CCPS) of BDGASPL.
The total value of this transaction is approximately Rs 15.02 crore, the stock exchange filing said. The acquisition will be done in one or more tranches. This acquisition will strengthen GMR Airports’ holding in airport related operations. This transaction is not a related party transaction, and the promoter group of GMR Airports has no involvement in this transaction.
What does BDGASPL do?
BDGASPL, incorporated on August 17, 2005 under the Companies Act, 1956, specializes in the development and operation of General Aviation Terminal, Maintenance Center and associated facilities at Indira Gandhi International Airport, New Delhi. Over the last three financial years, BDGASPL’s revenue has grown consistently. Its operational revenue was ₹64.51 crore in FY 2024, ₹54.2 crore in FY 2023 and ₹47.19 crore in FY 2022.
Shares of GMR Airports Limited closed at ₹76.77 with a marginal gain of 0.14% on BSE on January 8. The market cap of the company is Rs 81000 crore. The stock has fallen 12 percent in 3 months. Promoters held 66.07 percent stake in the company by the end of September 2024.