"The end utilisation of monies has been mainly for corporate debt reduction. Further, GMR Group has provided exit to the existing private equity investors in GMR Airports Ltd," it added.
The deal would help the group to reduce its debt burden.
As per an investor presentation, a copy of which was filed to the stock exchanges, the deal would help in "significant deleveraging at GMR Infrastructure Ltd using the equity raise" as well as result in "improved cash-flow and profitability"
Services Ltd and then 49 per cent shareholding in GAL.
Services is an operating and holding company. Its primary business is to hold shares in GAL.
Shares of GMR Infrastructure dropped 4.50 per cent to close at Rs 24.40 on the BSE on Wednesday.
Competition Commission has given its nod for the deal under the green channel, which allows for an automatic system for speedy approval of combinations, subject to certain conditions.
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