The LAG manages the airports of Delhi and Hyderabad. On February 21, the company announced that Groupe ADP would acquire a 49% stake for 10,780 crore.
In its first investment tranche, Groupe ADP paid Rs 5,248 crores on February 26 to the GAL to buy 24.99%.
A GMR Infrastructure press release said on Tuesday: “However, the contours of the agreement have undergone slight changes in light of the unprecedented circumstances resulting from the pandemic. “
“In accordance with the revised share purchase agreement, the second tranche of the investment for 24.01% of GAL was structured in two parts: 1) A firm amount, immediately paid at the second closing, for a total of Rs. 4,565 Crore, including Rs. 1,000 Crore infusion of equity in GAL. 2) Additional payments amounting to Rs 1,060 Crore, subject to the achievement of certain performance-related objectives by GAL until FY2024 “, he added. These supplements are linked to the achievement of certain agreed operational performance parameters as well as the receipt of certain regulatory clarifications over the next 5 years, the press release noted.
The amount of Rs. 4,565 Crore for the payment of the second and last installment of Groupe ADP has been received, he said.
The money will be used mainly for debt service, which will help further deleverage the GMR group and improve cash flow and profitability, he added.
“Under the terms of the transaction, GMR will retain control of the management of airport activities, Groupe ADP having customary rights and representation of the board of directors at GMR Airports Limited and its main subsidiaries,” he said. declared. PTI DSP TIR