DIAL is a subsidiary of GMR Airport and the latter currently holds 64% stake in the company.
Formerly known as GMR Infrastructure Limited (GIL), the company has entered into a share purchase agreement with Fraport to execute the deal, the company said in a filing on Monday.
Apart from GMR and Fraport, Airports Authority of India (AAI) holds 26% equity stake in DIAL.
GMR Airports expects to close the deal within 180 days from the date of execution of this SPA.
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GMR Group Corporate Chairman Kiran Kumar Grandhi said the acquisition of additional stake in DIAL is in line with the company’s objective to strengthen its presence among the Group’s core assets and reflects the importance of Delhi Airport to the entire Group portfolio.
As Fraport holds 10% equity stake in DIAL, DIAL will be a related party.
Shares of GMR Airport traded at Rs. 91.20, up from Friday’s closing price of Rs. It closed up 0.17 or 0.19%.
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