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DIAL Exits Cargo Services; Sells Stake to India Infra Fund

Delhi International Airport Ltd (DIAL), a subsidiary of GMR Infrastructure, has exited from cargo services at the Delhi airport by selling its entire stake to India Infrastructure Fund for Rs 29 crore.

Published: 17th March 2015 11:59 AM  |   Last Updated: 17th March 2015 11:59 AM   |  A+A-

By PTI

NEW DELHI: Delhi International Airport Ltd (DIAL), a subsidiary of GMR Infrastructure, has exited from cargo services at the Delhi airport by selling its entire stake to India Infrastructure Fund for Rs 29 crore.

"Accordingly as per the terms of definitive agreement and on completion of condition precedents, DIAL on March 16, 2015 has sold and transferred its entire holding of 1,09,20,000 equity shares of face value of Rs 10 each, to India Infrastructure Fund-II for Rs 26.20 per share and has received the total consideration of Rs 28.60 crore," GMR Infra said in a regulatory filing to the BSE.

Last month DIAL had entered into a definitive agreement to sell its entire stake of 26 per cent of the equity capital of Delhi Cargo Service Centre Pvt. Ltd which operates cargo services at Delhi airport.

GMR Infrastructure runs the operations at Delhi airport.

Following the announcement, shares of GMR Infrastructure were down 0.31 per cent at Rs 16.20 apiece during morning trade on the BSE.

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