Stake Sale in Delhi Aviation Services Private Limited, an associate company by Delhi International Airport Limited
Awaiting price reaction for this filing.
Delhi International Airport Limited (DIAL), a subsidiary of GMR Airports, has sold its entire 50% stake in associate company Delhi Aviation Services Private Limited (DASPL) to Bird Flight Services (India) Private Limited for approximately INR 12.79 Crores. DASPL previously held a concession to manage ground support equipment at Terminal 3 of IGI Airport, but that concession has ended and DASPL is currently not carrying on any business operations. The buyer, Bird Flight Services, already held a 25% equity stake in DASPL and is engaged in ground handling services at IGI Airport. The transaction is not a related party transaction and does not fall under Regulation 37A of the Listing Regulations.
The stake sale is of a non-operating associate and the consideration of ~INR 12.79 Crores is small relative to GMR Airports' overall business, so the financial impact on shareholders is minimal. The move simply cleans up a dormant investment in DIAL's portfolio and is unlikely to materially affect the stock price.