Hyderabad: After GMR Infra failed to fulfil its obligations by December 31, Malaysia Airports Holding Berhad (MAHB), on Wednesday, said that it has terminated the Share Purchasing Agreement (SPA) with the infra major for selling its 11 per cent stake.
In February 2018, GMR Infrastructure had said that its subsidiary GMR Airports (GAL) had entered into an agreement with MAHB and its subsidiary to acquire 11 per cent of the stake that the Malaysian firm is holding in GMR Hyderabad International Airport, for $76 million.
“The Board of Directors of MAHB wishes to announce that the SPA has been automatically terminated due to failure of the purchaser to complete their obligation in accordance with the terms of the SPA by 31 December 2018. Therefore, MAHB and MAHB (Mauritius) Private Limited shall remain as shareholders of GHIAL accordingly,” MAHB said in a regulatory filing on Wednesday.
GHIAL is a special purpose vehicle that manages the Rajiv Gandhi International Airport here. Besides MAHB, GAL currently holds 63 per cent stake and the remaining in the company is held by Airports Authority of India (13 per cent) and the Telangana government (13 per cent). GMR Infrastructure shares, which were trading at Rs 16 apiece on the BSE at 10 am, closed at Rs 15.65, down 30 paise or 1.88 per cent....