As it was agreed to acquire the shares from Bidvest as well as ACSA at the rate of Rs 77 per share, GVK will require Rs 2,171.4 crore to pay for the acquisition of the 23.5 percent stake. It is not clear as to how the Hyderabad-based infrastructure conglomerate was planning to raise the amount to fund this acquisition.
MIAL is a public-private joint venture between GVK, Bidvest, ACSA and Airport Authority of India(AAI), which was awarded the mandate for operating and modernising the Chatrapati Shivaji International Airport(CSIA), Mumbai, in April 2006. The GVK-led MIAL had also received the letter of award for the development of green-field Navi Mumbai international airport project in October 2017.
The AAI, which holds 26 percent stake in MIAL will be the only other JV partner to bepost-acquisitionsition of stakes from Bidvest and ACSA by GVK arm in the Mumbai airport company.