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GVK Power approves sale of 10% stake in Bangalore International Airport

LiveMint logoLiveMint 02-06-2017 Reuters

Bengaluru: GVK Power & Infrastructure approves sale of 10% stake in Bangalore International Airport. The sale of 10% of issued & paid up share capital in Bangalore International Airport (BIAL) to FIH Mauritius Investments has been approved, says the company.

The aggregate purchase consideration is Rs1,290 crore for stake sale in BIAL, the statement says. The company says the proceeds of sale will be used for reducing debt obligations of GVK.

“The transaction is expected to be completed by early July 2017,” says the company.

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