“The company has signed definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding of its entire 51 per cent stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure,” GMR Infrastructure stated in alternate submitting.
As a part of the proposed switch of stake of KSEZ, the 100 per cent fairness stake of Kakinada Gateway Port held by KSEZ would even be transferred to Aurobindo Realty.
Total consideration for the sale of fairness stake in addition to the sub-debt in KSEZ is Rs 2,610 crore. Out of the entire consideration, Rs 1,600 crore could be acquired on the time limit and steadiness Rs 1,010 crore could be acquired in subsequent 2 to three years which is contingent upon sure agreed milestones, it stated.
KSEZ is engaged in the enterprise of implementation of a port primarily based multi-product particular financial zone mission at Kakinada, East Godavari District, Andhra Pradesh and KGPL has the Concession granted by the Govt. of Andhra Pradesh to arrange a greenfield business port in Kona Village of the East Godavari Dist., of Andhra Pradesh.
The sale transaction shall be topic to receipt of regulatory and different statutory approvals, the corporate stated.
At 09:51 am, GMR Infrastructure was buying and selling 3 per cent larger at Rs 21.85 on the BSE, as in comparison with 1.1 per cent rise in the S&P BSE Sensex. A mixed 3.3 million fairness shares have modified palms on the counter on the NSE and BSE, up to now.