GMR AIRPORTS LIMITED has informed the Exchange regarding Notice of Postal Ballot
GMRAIRPORT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
GMR Airports Limited has sent a Postal Ballot notice to shareholders seeking approval for the sale of assets by Delhi Duty Free Services Private Limited (DDFS), a material subsidiary, to the Company itself. DDFS runs duty-free shops at Terminal 3 of Delhi's IGI Airport, and its existing licence with DIAL is set to expire on July 27, 2025. A new contract for managing duty-free operations at T3 has been awarded to GMR Airports directly, effective July 28, 2025, so DDFS plans to sell its fixed assets, inventory (bonded and non-bonded), consumables, and transfer related licences/insurance and passenger advances to GMR Airports. The total estimated consideration is around Rs. 350 crore (+/- 10%) plus applicable taxes, with the asset breakup being Rs. 300 crore in bonded stock, Rs. 5 crore non-bonded stock, Rs. 7 crore fixed assets, Rs. 1 crore consumables, Rs. 2 crore in licences/insurance costs, and Rs. 7 crore in passenger advances. Since this exceeds 20% of DDFS's total assets of Rs. 785.49 crore, SEBI rules require shareholder approval by special resolution. E-voting runs from June 24, 2025 to July 23, 2025, with results expected by July 25, 2025.
For shareholders, this is effectively an internal reorganisation as duty-free operations move from DDFS (a JV) directly to GMR Airports following a competitive bid win. The transaction is being done at cost/fair value and is below related-party thresholds, so it should not materially affect consolidated earnings. Watch for the postal ballot outcome by July 25, 2025; rejection or delay could disrupt the seamless transition of duty-free operations at IGI Airport's Terminal 3.