GMR Infra drops 4% despite settling arbitration case with lenders
The company said its private equity investors have decided to withdraw the ongoing arbitration.
By ETMarkets.com |
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NEW DELHI: Shares of GMR Infrastructure dropped 4 per cent in Monday’s trade even as the company settled an arbitration case with lenders.
The company said its private equity investors SBI Macquarie, Standard Chartered Private Equity, JM Financial Old Lane and others (Investors), who had invested an amount of Rs 1,478 crore in the form of compulsorily convertible preference shares (CCPS) in GMR Airports in FY2011 & FY2012, have decided to withdraw the ongoing arbitration.
The stock fell 4.06 per cent to Rs 15.35 on BSE.
These lenders would now acquire 5.86 per cent equity of GMR Aprports at a 100 per cent valuation of Rs 21,000 crore and receive a payment of Rs 3,560 crore in lieu of their entire CCPS, the company said in a BSE filing.
The cash payment would be partly funded by GMR Infra through sale of airport-related equity ownerships to GMR Airports. It will include the company’s entire shareholding of 40 per cent in CEBU airport in Philippines (valued at $590 million), entire shareholding of 50 per cent in Clark EPC project in Philippines (valued at $9.7 million) and entire shareholding of 40.1 per cent in Delhi Airport Parking Services (valued at Rs 499 crore).
The company said its private equity investors SBI Macquarie, Standard Chartered Private Equity, JM Financial Old Lane and others (Investors), who had invested an amount of Rs 1,478 crore in the form of compulsorily convertible preference shares (CCPS) in GMR Airports in FY2011 & FY2012, have decided to withdraw the ongoing arbitration.
The stock fell 4.06 per cent to Rs 15.35 on BSE.
These lenders would now acquire 5.86 per cent equity of GMR Aprports at a 100 per cent valuation of Rs 21,000 crore and receive a payment of Rs 3,560 crore in lieu of their entire CCPS, the company said in a BSE filing.
The cash payment would be partly funded by GMR Infra through sale of airport-related equity ownerships to GMR Airports. It will include the company’s entire shareholding of 40 per cent in CEBU airport in Philippines (valued at $590 million), entire shareholding of 50 per cent in Clark EPC project in Philippines (valued at $9.7 million) and entire shareholding of 40.1 per cent in Delhi Airport Parking Services (valued at Rs 499 crore).
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