GMR Airports Infra shares surge over 2.5% on acquisition of Fraport's stake in Delhi Airport 

Shares of GMR Airports Infrastructure rallied up to 2,65% to ₹93.31 apiece on the BSE on Tuesday, September 10, as the company on Monday said it has entered into a share purchase agreement with Fraport AG Frankfurt Airport Services Worldwide for acquiring the latter's 10% holding in Delhi International Airport (DIAL) for $126 million.

After completion of the deal, GIL's stake in the joint venture will rise to 74% from the current 64%, the GMR Group said. Public airports company Airports Authority of India (AAI) will continue to hold a 26% stake in the venture, it said.

DIAL is a subsidiary of GIL. 

"The acquisition of additional stake in DIAL is in line with our objective of consolidating our presence in core assets of the group and signifies the importance of Delhi airport in the overall group portfolio," G Kiran Kumar Grandhi, Corporate Chairman of GMR Group, said.

The deal is expected to be concluded within 180 days from the date of execution of the share purchase agreement, the company said.

"Fraport has been one of the original shareholders and has been our partner in the airport (business) journey. They have extended significant technical support to Delhi Airport as per their role as airport operator," said B S Raju, Business Chairman for Airports, at the GMR Group.

Last month, private equity player GQG Partners hiked its stake in GMR Airports Infrastructure to 5.17% by snapping up additional shares worth over ₹433 crore through open market transactions.

GQG Partners, also a key investor in Adani Group, purchased a 0.43% stake in GMR Airports Infrastructure on August 23.

GMR Airports shares info

BSE data shows that the stock has gained 505.60% (as of Monday's close) in the past five years. The company's market capitalisation as of Monday's close stood at ₹95,981.09 crore. The stock hit a 52-week high of ₹103.70 on the BSE on July 31, 2024.