GVK Acquires Additional 14% In BIAL
GVK Infrastructure has acquired an additional 14% stake in Bangalore International Airport Ltd for Rs 614 Cr from Seimens Project Ventures.
GVK is now the single largest shareholder in BIAL with more than 43%. The company is also planning to acquire 26% from Seimens in the next two years.
Though GVK excercised it's first right of refusal to acquire the stake, it had to pay a premium of 8.6% over the price of Rs 105 per share paid for L&T's stake as the Tata Group and Singapore's Changi International Airport offered Rs.144 per share, almost double than GVK's intial offer of Rs 60 per share. GVK offered Rs.60 per share stating that the 2009 valuations were no longer valid due to change in business conditions.
Transaction Reference: IndiaInfoline
The airport business(BIAL and MIAL) contributed Rs51.68 Cr to the company's net revenues for 2009-10, which includes Rs 2.59 Cr from BIAL. GVK had acquired a 12% stake of BIAL from Zurich Airport for Rs 484 Cr and it also acquired 17% stake from L&T for Rs686 Cr.
Earlier in March'11, it bought an additional 13.5% stake in MIAL by cquiring 10.8 Cr shares from its JV partner Bid Service Division (Mauritius) Limited (BDSM) taking it's stake to 50.5%.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 23/08/11 | Siemens - BIAL - GVK | M&A | GVK Power and Infrastructure Limited | 134.38 |
| 22/12/09 | BIAL-Siemens-GVK | M&A | GVK Power and Infrastructure Limited | - |
| 04/11/09 | Bangalore International - GVK Power & | M&A | GVK Power and Infrastructure Limited | 102.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | M&A | CESC Limited | Pachi Hydropower Projects Limited | - | Completed |
| 17/05/12 | M&A | CESC Limited | Papu Hydropower Projects Limited | - | Completed |
| 14/05/12 | M&A | Jain Irrigation Systems Limited | NaanDanJain Irrigation Limited | - | Completed |
| 10/05/12 | M&A | IRB Infrastructure Developers Limited | MVR Infrastructure And Tollways Private Limited | 24.39 | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Bangalore International Airport Limited | GVK Power and Infrastructure Limited | Administration block, Devanahalli 560 300, India. |
Delhi International Airport Private Limited Mumbai International Airport Private Limited |
www.bengaluruairport.com/ |
| GVK Power and Infrastructure Limited | Gunapati Venkata Sanjay Reddy Krishna Ram Bhupal Gunapathy Indira Krishna Reddy G V Krishna Reddy |
'Paigah House', 156-159, Sardar Patel Road |
GMR Infrastructure Limited Moser Baer Projects Private Limited |
www.gvk.com |
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