GMR Airports Infrastructure Limited acquires stakes in WAISL Ltd

The proposed acquisition of shares by the Company from Utthishta Virat Fund would not be a related party transaction and promoter or promoter group of the Company do not hold any interest in the said transaction.

GMR Airports Infrastructure Limited acquires stakes in WAISL Ltd

GMR Airport through a exchange filing has informed that the Company has entered into a Share Purchase Agreement to acquire 4.6 lakh equity shares of Waisl Limited (WAISL) (representing 8.40% of the equity shares of WAISL) from Utthishta Virat Fund, an existing shareholder of WAISL, for a total consideration of Rs. 56.66 Crore (“Transaction”).

 WAISL was incorporated on October 22, 2009, under the Companies Act, 1956 and is engaged in the business of delivering world-class, end to end digital infrastructure at airports and operates as an exclusive partner for IT services at airports. Revenue from operations of WAISL for the FY 2023, 2022 and 2021 were Rs.391 crores, Rs.152 crores and Rs.143 crores respectively.

Read Also : HPCL and Oil India sign MoU to explore energy sector

The proposed acquisition of shares by the Company from Utthishta Virat Fund would not be a related party transaction and promoter or promoter group of the Company do not hold any interest in the said transaction.

 

Read Also : RBI launches three major initiatives

The Company has been exploring opportunities of investing in entities engaged in Airport adjacencies/ Airport related businesses etc. to strengthen its presence in all aspects of airport related / airport adjacent businesses. The company has informed that there are no governmental or regulatory approvals required for the above acquisition.

Read Also : Rail Vikas Nigam Limited emerges as the Lowest Bidder from North Central Railway