Tata-Docomo case haunts investors of GMR Airports

RBI's refusal to accept Tata Son's proposal to give an exit to Japanese firm NTT Docomo from Tata Tele at a pre-determined price has got the investors in GMR Airports worried, sources with direct knowledge said. GMR Infra has notified to the exchanges that it has "decided to exercise the Call Option requiring the respective investors to transfer the Compulsorily Convertible Preference Shares (CCPS) of GMR Airports Ltd to the company". GMR has approached the RBI for its approval for the same. Sources with direct involvement say that foreign investors in GMR Airports are exploring legal options if the RBI rejects the proposal.

GMR management told ET NOW, " To the best of our knowledge there is no legal steps taken by the investors. GMR, in keeping with the rules has approached the RBI to perform the contractual obligation of fulfilling the Call Option in the case of GMR Airports."

Standard Chartered, JM Financial-Old Lane, Build India, JM Financial and Macquarie SBI Infrastructure Investments own compulsorily convertible preference shares in GMR Airports which are due for conversion. The investors had invested Rs 1,458 crore in GMR Airports in 2011.

Standard Chartered in an e-mail response said, "As you know from the recent announcement - the GMR group has exercised a Call Option under the agreement with investors in GMR Airports Limited. We expect this process to be completed in due course, in accordance with applicable laws."