KOCHI: They put their money into an infrastructure project that did not yet exist. More than three decades later, some of those early backers of Cochin International Airport Ltd (CIAL) are in danger of losing the shares they bought when the ambitious development was still taking shape.
CIAL has made a last-ditch attempt to trace around 150 minor shareholders, who have also not claimed dividends for years. Together, they hold 1,07,890 shares, valued at nearly `5 crore at the prevailing private-market price of around `450 each.
The early investors are spread across the world — from Dubai, Abu Dhabi and Germany to the United States, Kolkata and Perumbavoor — and CIAL has accorded them one final window. The deadline is October 21, 2026. If no valid claim is made, the shares will be transferred to the Investor Education and Protection Fund Authority (IEPFA) on October 28, without further notice, according to CIAL’s communication to the shareholders.
The list includes Shafi Muhammad Khader of UAE, who holds 4,000 shares; Mary John of Illinois, US, with 2,771 shares; Muhamed Rafeeq T of Abu Dhabi; Aleykutty Conjeevaram of Frankfurt; and Somesh Mehrotra of New Delhi, who holds 2,500.
“Most of the investors were Keralites in the Gulf when the shares were issued. They may have resettled in Kerala or migrated to other countries, making their original addresses obsolete. Some may also have treated the investment as a donation and written it off,” a CIAL official said.
The missing shareholders — some of whom are deceased — are a curious reminder of the unusual origins of CIAL. When the airport was being built at a cost of around `305 crore, NRIs contributed only about `13 crore.
Among the prominent early investors was Dubai-based businessman George V Nereaparambil, who put in around `8 crore during the foundational fundraising phase. M A Yusuffali invested around `1.5 crore, while Synthite’s C V Jacob committed `1.25 crore and Galfar Engineering’s P Mohammed Ali put in `1 crore.
Now, as one the country’s most successful airport ventures, CIAL’s fortunes have changed dramatically.
As profits rose, the company steadily increased its dividend payout. From no dividend in its initial years, CIAL delivered a 35% dividend in 2022-23, 45% in 2023-24 and 50% in 2024-25.
The airport operator reported another record performance in FY26, with revenue rising 6.6% to around `1,220 crore and net profit crossing the `500-crore mark for the first time, at around `502 crore. Its board has recommended a 55% dividend for the year.
For some of the early investors, the returns have been extraordinary. Yusuffali, who invested around `1.5 crore in the early years before subsequently ploughing in much more, has received dividends running into hundreds of crores. His current holding makes him one of CIAL’s largest individual shareholders.
The missing investors, however, appear to have lost touch with the company even as their modest initial investments multiplied in value. CIAL today has a vast shareholder base, a legacy of the public participation model that helped build the airport. Now, for the 150-odd early backers, the airport they helped build is sending out one final boarding call.
Oct 21 deadline
The early investors are spread across Dubai, Abu Dhabi and Germany as well as the United States, Kolkata and Perumbavoor
The CIAL has accorded them one final window with October 21 deadline
If no valid claim is made, the shares will be transferred to IEPFA on Oct 28, without further notice
