GVK buys addl stake in Bangalore Int'l Airport for Rs 614 cr

Mumbai:GVK Power & Infrastructure todaysaid it has acquired an additional 14 percent stake inBangalore International Airport for Rs 613.82 crore, therebyincreasing its overall shareholding to 43 percent.

The announcement comes a day after GVK Power said it has hiked stake in Mumbai International Airport Ltd (MIAL) to 50.5percent.In a regulatory filing, GVK Power said its subsidiaryBangalore Airport & Infrastructure Developers Pvt Ltd bought53,844,000 equity shares - amounting to 14 percent - inBangalore International Airport Ltd (BIAL) today.

[caption id="attachment_111987" align="alignleft" width="380" caption="(Representational image) GVK Power said its subsidiaryBangalore Airport & Infrastructure Developers Pvt Ltd bought53,844,000 equity shares.Reuters"][/caption]

The additional stake in BIAL has been bought from SiemensProject Ventures GmbH (Siemens) for about Rs 613.82 crore."With this acquisition, GVK Power would now have aneffective stake of 43 percent in BIAL," the filing said.

On Tuesday, GVK Power said its subsidiary GVK AirportHoldings acquired 13.5 percent stake in Mumbai InternationalAirport for $231 million. This stake was purchased from BidServices Division (Mauritius).

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Following the acquisition, GVK Power's stake in MumbaiInternational Airport Ltd (MIAL) has increased to 50.5 percent. MIAL was awarded the mandate for operating andmodernising the Chhatrapati Shivaji International Airport,

Mumbai (CSIA) in April, 2006.

Shares of GVK Power rose marginally to close at Rs 14.60on the BSE.

PTI