Notice of Postal Ballot
Awaiting price reaction for this filing.
GMR Airports Limited is seeking shareholder approval through a postal ballot for the sale of assets by its material subsidiary, Delhi Duty Free Services Private Limited (DDFS). DDFS's license to operate duty free shops at Terminal 3 of Delhi's IGI Airport expires on July 27, 2025, and a new contract for the same operations has been awarded directly to GMR Airports effective July 28, 2025. To ensure a seamless transition, DDFS will sell its inventory, fixed assets, consumables, licenses, and related items to GMR Airports for about Rs. 350 crore (+/- 10%) plus taxes. Since this exceeds 20% of DDFS's total assets of Rs. 785.49 crore, SEBI Regulation 24(6) requires shareholder approval via special resolution. E-voting runs from June 24, 2025 to July 23, 2025, with results expected by July 25, 2025.
The move is essentially a procedural handover of duty free operations from subsidiary DDFS directly to GMR Airports, so the impact at a consolidated level should be limited. Shareholders should note the Rs. 350 crore inter-company transaction value and that independent fair valuation is being done for fixed assets. Approval is largely a regulatory formality required before the July 27, 2025 transition date.