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Tata Group, Singapore’s sovereign wealth fund GIC and Hong Kong-based SSG Capital Management will co-invest Rs. 8,000 crore in GMR’s airports business in the ratio of 44:33:22.
Link Legal acted for GMR and the team was led by Partner Manish Gupta along with Associate Partner Prashant Rajput, Senior Associate Ashish Ahluwalia and Senior Associate Nitesh Kalra.
J. Sagar Associates acted for the consortium of investors and the team was led by Partners Aashit Shah and Archana Panchal.
Vaish Associates acted as co-counsel for Tata and the team was led by Joint Managing Partner Bomi Daruwala along with Associate Partner Amitjivan Joshi and Of Counsel Arti Narsana.
Out of the total investment, ₹1,000 crore will come as equity infusion into GMR Airports Ltd, which will be used to retire the airport operator’s debt. The three investors will use the remaining ₹7,000 crore to buy GMR Airports shares from parent GMR Infrastructure and its units, which will also be used to pare debt.
Post the deal, GMR Infrastructure and its units will hold about 54% stake in the airports business, while the company’s Employee Welfare Trust will own 2%. Tata will hold about 20%, with GIC and SSG holding stakes of about 15% and 10%, respectively, reported Mint.